(MARS) Mortgage Assistance Relief Services Rule

Question 1

(MARS) Mortgage Assistance Relief Services Rule

Answer 1

• FTC rule to address “loan modification, short sale & foreclosure” relief scams
• “Bans” collecting fees until homeowners have acceptable written offer from lender or servicer
• “Prohibits” advising consumers to discontinue communication with lenders
• “Fines of $11,000” per occurrence and $11,000 per day may be incurred for violations