Industry News
March 15, 2011
New FTC Rules Require Short Sale Disclosures
The Federal Trade Commission (FTC) recently issued new rules that may impact real estate practitioners representing clients involved in short sale transactions. Depending on certain factors, the Mortgage Assistance Relief Services (MARS) rules could require disclosures to consumers when negotiating a short sale with a lender or advertising short sales experience. Califonia already prohibits advance fees in connection with the modification of a borrower's loan under Senate Bill 94 signed in 2009.
