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In what’s good news to agents working with distressed property owners, the FTC issued a statement on Friday that it will no longer enforce most stipulations of the Mortgage Assistance Relief Services rule. This onerous rule required short sale agents to make a handful of disclosures when assisting distressed homeowners in staving foreclosure by obtaining a short sale.
This rule also prohibited upfront fee collection as well as false or misleading statements, two reasonable requirements in my view.
The subscribers to our pre foreclosure data were required to place prominent disclaimers on the mail pieces they were sending to financially troubled homeowners, disclaimers that occupied an inordinate amount of space and, based on the feedback that I received, was oftentimes confusing because it addressed services provided by loan modification companies, not REALTORS.
Now, it seems this feedback that I’ve gotten from agents is validated.
“As more and more American homeowners seek short sales, it is especially important that the Rule not inadvertently discourage real estate professionals from helping consumers with these types of transactions,” the FTC stated.
At preforeclosuredata.net, we provide early, accurate and exclusive data on homeowners 30, 60, 90 or 120+ days late on their mortgage payment.