It has been too long since my last short sale post and for that I apologize. During this time, I have been busy working on a multitude of items, including becoming a father again.
5280 Homes, Inc still strives to help distressed home owners avoid foreclosure. While I have always run my business in accordance with newly implemented "Mortgage Asset Relief Services" or MARS, you should be aware of what the changes mean for the consumer.
1) No one (except a licensed attorney)may charge an UP FRONT FEE for providing loan modification or short sale services!
2) For a loan modification, a consumer may ONLY be charged once he or she has agreed to the new terms extended from the lender. If the consumer doesn't agree to the terms of a loan modification, there can be no charge.
3) Consumers cannot be encouraged to stop communicating with their lender(s)
4) An agent may not misrepresent the likelihood that a short sale will be approved. No one can guarantee they can get a deal closed and they should NEVER do it.
There are many more rules and regulations professionals must follow when it comes to short sales. If you have questions, please give us a call at 720-457-3890.
Tuesday, March 22, 2011
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