IMPORTANT NOTICE:
Regarding Realtor Buyer & Seller Services for "Short Sale" type properties;
Coldwell Banker Advantage Real Estate Corporation is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
The Federal Trade Commission has issued the final Mortgage Assistance Relief Services ("MARS") rules that impact real estate professionals who represent clients involved in Short Sale transactions. If a real estate professional offers any of the following services, the MARS rules apply and the real estate professional must make the FTC required MARS disclosures:
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advertising to the consumer that you offer short sale services;
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taking a listing on a short sale;
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negotiating a short sale with a lender on behalf of a client; or
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hiring a individual or vendor to negotiate a short sale.
When offering any of the Short Sale services referenced above, there are 3 types of MARS disclosures that a Realtor® must make to the consumer. In all cases, the disclosure must be clear and prominent. The 3 types of disclosures are as follows:
a) General Communications. If a Realtor® sends out a general advertisement that offers short sale services in any media whether it be in print, audio, verbal, electronic or otherwise, the Realtor® must include the mandatory MARS disclosure language.
b) Consumer Specific Communications. If the Realtor® becomes aware that a specific transaction in which he or she is involved may be a Short Sale, and that Realtor® negotiates any portion of the Short Sale with the lender on behalf of the Seller, or arranges for an individual or vendor to conduct Short Sale negotiations with the lender on behalf of the Seller, the Realtor® must provide the Seller with the mandatory MARS disclosure.
c) Lender’s Short Sale Offer Disclosure. Once the Realtor® who represents the Seller on a Short Sale receives the lender or servicer’s Short Sale Third Party Approval letter, the Realtor® must provide mandatory MARS disclosures to the Seller:
For more information regarding Mortgage Assistance Relief Services or the Mortgage Assistance Relief Services rules email daltonw@coldwelladvantage.com
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