1 / 15

“Mortgage Assistance Relief Services” MARS Rules: In Effect January 31, 2011 Purpose:

WELCOME TO MARS:. “Mortgage Assistance Relief Services” MARS Rules: In Effect January 31, 2011 Purpose: Prevent Scammers From Luring Desperate Home Owners Into Paying Upfront Fees By Making Unrealistic Promises. Aimed Primarily At Mortgage Modification Companies. WELCOME TO MARS: .

shada
Download Presentation

“Mortgage Assistance Relief Services” MARS Rules: In Effect January 31, 2011 Purpose:

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. WELCOME TO MARS: • “Mortgage Assistance Relief Services” • MARS Rules: In Effect January 31, 2011 • Purpose: • Prevent Scammers From Luring Desperate Home Owners Into Paying Upfront Fees By Making Unrealistic Promises. Aimed Primarily At Mortgage Modification Companies

  2. WELCOME TO MARS: • MARS Rules: • “Mortgage Assistance Relief Services” • Impacts: • Mortgage Modifications • Deed In Lieu • Forbearance Agreement • Short Sales

  3. WELCOME TO MARS: • MARS Rules: • 1. Up Front Fees- NOW ILLEGAL!!! • $11,000 Fine • Per Incident • Per Day • **Attorney Exception

  4. WELCOME TO MARS: • MARS Rules: • 2. Up Front Disclosure: • Your Fee • You Can Be Fired By Client At Any Time For Any Or No Reason • You Are Not Working For Gov’t • Seller’s Lender May Reject Offer Stay Tuned… We’ll Show You Where To Get Disclosure Shortly!

  5. WELCOME TO MARS: • MARS Rules: • 2. Up Front Disclosure: • WHEN DO YOU HAVE SELLER SIGN? • As Soon As You Know It Is Or May Become A Short Sale • At Listing If You Know It Is Or May Become A Short Sale • At Later Point If List Price Now Makes It A Short Sale

  6. WELCOME TO MARS: • MARS Rules: • 3. If You Advise Client To Stop Making Payments, • You Must Tell Them: • Negative Consequences • Loss of Home • Damage To Credit

  7. WELCOME TO MARS: • MARS Rules: • 4. Communication With Lender: • You Can NOT Tell Seller To Not Communicate With Lender. • That’s Now A Crime! • WHY? • Prevent A Scam

  8. WELCOME TO MARS: • MARS Rules: • 5. Lender Correspondence: • Anything You Get From Lender, You Must Give To Seller. • Emails • letter • Fax, etc.

  9. WELCOME TO MARS: • MARS Rules: • 6. Truth In Advertising: • Don’t Make Promises. • Don’t Make Predictions. • Must Be Able To Prove Statements (i.e. 92% Chance of Success) • Must Have Disclosures In Your S.S. Advertisements!!! • Website • Print Materials

  10. WELCOME TO MARS: • MARS Rules: • Truth In Advertising: • Advertisement Must State… • You Are Not Associated With Govt • Lender May Refuse To Accept S.S. • Client May Fire You At Anytime • If Client Stops Making Payments, • Harm To Credit • Possible Loss of House

  11. WELCOME TO MARS: • MARS Rules: • 7. Second Disclosure: • At Time Of Offer From Lender • Seller May Reject • If Reject, No Fee Due • Terms Of Lender’s Offer

  12. WELCOME TO MARS: • MARS Rules: • 8. Record Keeping: • 2 Years From “Mortgage Relief” • Advertising Materials • Sales Records • Emails/Letters To Client • Copy of Agreement With Lender

  13. WELCOME TO MARS: • MARS Rules: • 25% of Closings Today Are Short Sales! • If YOU Are A Listing Agent, • Sooner Or Later, MARS Will Impact • YOU!

  14. WELCOME TO MARS: MARS Rules: For All Disclosures: www.kar.com, then Legal Affairs

  15. WELCOME TO MARS: MARS Rules: Q & A:

More Related