MARS shines on short selling homeowners

Homeowners facing foreclosure could enjoy greater access to short sales and less confusion about the foreclosure alternative, thanks to new federal regulatory relief for real estate brokers and agents.



by Broderick Perkins
© 2011 DeadlineNews.Com

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Deadline Newsroom - Homeowners facing foreclosure could enjoy greater access to short sales and less confusion about the foreclosure alternative, thanks to new federal regulatory relief for real estate brokers and agents.

The Federal Trade Commission (FTC), on July 15, announced it will immediately stop enforcing most of the provisions of the "MARS" rule against real estate professionals representing homeowners in short sales.

A short sale occurs when the bank allows the sale of a home for less than the existing mortgage balance, provided the seller finds a qualified buyer. Such homes are often held by homeowners struggling with "underwater" mortgages -- mortgages with balances larger than the value of the home.

MARS, the federal "Mortgage Assistance Relief Services" rule, protects homeowners from fraud by forcing mortgage assistance relief services to disclose information about their services. It also mandates certain business practices.

The FTC ordered the stay of enforcement because real estate brokerages' distinctive relationship with homeowners selling short conflicts with many of MARS disclosure requirements.

The full story is here: "MARS Shines on Short Selling Homeowners"

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

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