Yes, you heard that correctly. Today, the FTC announced that the recently enacted Mortgage Assistance Relief Services Rule (MARS) will no longer apply to real estate brokers and/or their agents. The only provision that will continue to be enforced is the section that deals with misrepresentation.
Obviously, with pressure from the real estate community (as well as NAR), the FTC finally realized that in an effort to stop the loan-modification scammers, they ended up casting a net so wide that it ended up including those of us who are trying to assist homeowners with the short sale process.
We can now take all of those annoying disclosures off of our blogs, websites, emails, etc., and will no longer need to have our clients sign the disclosures that the MARS rules required. Even better, we will hopefully stop receiving those irritating emails from ambulance-chasing attorneys, whose main objective has been to scare real estate agents into using their services. Sorry, I couldn't resist.
Bravo to the FTC for recognizing their mistake, and bravo to the NAR and the real estate community for questioning it's existence. Our team of Phoenix short sale agents can now focus on doing what we do best without looking over our shoulders for a ruling that should have never happened!
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Copyright © By Bob Hertzog 2011 *MARS Ruling No Longer Applies To Phoenix Short Sale Agents!*