Recently, there was new legislation regarding companies negotiating loan modifications and/or short sales on behalf of homeowners. Essentially, there are new disclosures required from the agents or modification companies and the law now says that these companies/agents may not require an up front fee be paid, that the companies can only get paid on a contingency - meaning if they are successful, then their fee becomes due.
This is great legislation for homeowners, and is being referred to within the industry as the MARS ruling.
ALSO SEE:
Guidelines for servicers/REALTORS from the National Association of REALTORS re: MARS RULING:
