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Homeowners who are facing foreclosures are willing to do and listen to any company that will say we can help you stop foreclosure, modify your home and/or conduct the Short Sale. There are many schemes out there, where some individuals and companies are taking advantage of distressed homeowners and are not performing the acts that they promised.
Recently, the Federal Trade Commission (FTC) issued a Rule to fix the unfair and deceptive practices associated with mortgage assistance relief services - Mortgage Assistance Relief Services (MARS) Rule. Here some points from this rule:
1. It's illegal to charge upfront fees. The service must be performed first and the homeowner must agree to the offer from the bank.
2. Clear and prominent disclosure of information before signing people up for services is mandatory (i.e., total cost, stopping of services at any time, that the company is associated with the government, etc.).
3. Cannot advise either to pay or not to pay the mortgage. The homeowners must be told that failure to make mortgage payments may result in losing the house and damage to their credit.
4. It is illegal to advise homeowners to stop communicating with their lenders and services.
5. No misrepresentation of services is allowed. Under this Rule, it is prohibited to make claims that are false or misleading.
6. Must disclose to customers if they receive an offer of mortgage relief from a lender or service. The companies or individuals are required to provide written notice to customers from the lender or service describing all the facts. It’s important to note that the customer must be advised that if they do not like the offer from the service or lender, they can reject it and will not have to pay for the services.
This rule applies to any company and or individuals who offer mortgage assistance relief services (Short Sales, Loan Modification, etc). If you have any questions in regards to this Rule or need to Short Sale your house, please call me at 562-334-7393.
Ihor Pochay
BROKER / Short Sale & REO Specialist
Team Pochay Realty
Cell: (562)334-7393
ihorpochay@hotmail.com
www.TeamPochayRealty.com
www.shortsaleyourhome.blogspot.
DRE# 01772584
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