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GOVERNMENT REQUIRED LEGAL DISCLOSURES
In November, 2010, Federal Trade Commission (FTC) Chairman Jon Leibowitz said, “At a time when many Americans are struggling to pay their mortgages, peddlers of so-called mortgage relief services have taken hundreds of millions of dollars from hundreds of thousands of homeowners without ever delivering results.”
On November 11, 2010, the FTC enacted the Mortgage Assistance Relief Services (MARS) Rule to protect distressed homeowners from mortgage relief scams that have sprung up during the mortgage crisis. Bogus operations falsely claim that, for a fee, they will negotiate with the consumer’s mortgage lender or servicer to obtain a loan modification, a short sale, or other relief from foreclosure. Many of these operations pretend to be affiliated with the government and government housing assistance programs.
The MARS rule has three main components:
- Disclosure – Mandatory disclosures must be made in all communications to homeowners;
- Fees – Providers may NOT request or receive payment of any upfront fees;
- Performance representations – Mandatory notices designed to avoid harmful representations
For a complete copy of the MARS Rule, please visit: MARS Rule
National Real Estate Law Group, PLLC (NRELG) does not make “any written or oral statements designed to affect a sale or create interest in purchasing any short sale service, plan or program.” We provide information and ask the homeowner to choose solutions bested suited for them. Therefore, while we may not be required to post these disclosures, we support them entirely, embrace their intent and post them voluntarily.
MARS Required Legal Disclosures
- National Real Estate Law Group, PLLC (NRELG) is NOT associated with the government and our services have not been approved by the government or your lender(s).
- Even if you agree to use our services, your lender(s) may not agree to approve your request or change your loan.
- If you stop, or have stopped, making your mortgage payment(s), you could lose your home and damage your credit rating.
- You can stop doing business with us at any time.
- We will not refer a homeowner to any licensed professional or service provider if we have knowledge, or should have knowledge, that the licensed professional or provider is engaged in any act or practice that violates this MARS rule.
MARS Required Fees Disclosures
- National Real Estate Law Group, PLLC (NRELG) provides short sale negotiation services and charge a fee equal to 1% of the sales price, ($3000 flat fee if the property in question is located in the state of Colorado). A homeowner will not have to pay us until after they have received satisfactory written acceptance (from their lien holder(s)) of their chosen mortgage assistance solution.
- National Real Estate Law Group, PLLC (NRELG) provides additional mortgage assistance related services. If you choose to use any of the additional services we provide we will provide an exact cost for those services prior to your acceptance of those services. A homeowner will not have to pay us until after they have received satisfactory written acceptance (from their lien holder(s)) of their chosen mortgage assistance solution.
- If you receive an offer of approval and/or assistance from the lien holder (modification, short sale, DIL, etc), you are not required to accept the offer. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us.
MARS Required Performance Representations
- We will never represent expressly or by implication that a homeowner cannot or should not contact or communicate with his or her lender or servicer.
- At the request of the homeowner, we may make suggestions on how to handle communications with a lender or servicer.
- Homeowners who provide third party authorization to others to communicate on their behalf should coordinate the communication efforts to achieve the desired solution.
- We make no claims or representations about the likelihood of negotiating, obtaining or arranging any represented service or result.
- In fact, we advise homeowners that the process is unpredictable and they should expect any outcome while doing only the best they can do.
- We make no claims or representations about the amount of time it will take to accomplish the homeowner’s desired solution.
- We make no claims or representations about the homeowner’s obligation to make scheduled periodic payments or any other payments pursuant to the terms of the homeowner’s mortgage loan.
- The homeowner is aware that a successful solution may not be possible while they maintain current payment status on their mortgage obligations; and
- The homeowner is aware that negative consequences are associated with any interruption of payment status on their mortgage obligations.
- We make no claims or representations about the terms or conditions of the homeowner’s mortgage, including but not limited to the amount of debt owed.
- We have not made representations about pre-payment of fees and refund policies.
- We have not made representations that the homeowner will receive legal representation but the homeowner may choose solutions which will provide legal representation.
- We make no claims or representations about the availability or characteristics of any alternatives to for-profit mortgage assistance relief services through which the homeowner can obtain mortgage assistance relief, including negotiating directly with the lien holder or servicer, or using any non-profit housing counselor agency or program.
- We will be happy to discuss non-profit, government alternative solutions (upon request) as part of our consulting services to the homeowner.
- We make no claims or representations about the amount of money or the percentage of debt that a homeowner may save by using any mortgage assistance relief service.
- We make no claims or representations about the total cost to purchase any mortgage assistance relief service.
- We will be happy to discuss the range of costs and fees a homeowner can expect to pay for professional services designed to help the homeowner achieve their desired solution.
- We have not made any claims or representations about the terms, conditions or limitations of any offer of mortgage assistance relief that has been obtained from the homeowner’s lien holder or servicer, including the time period in which the homeowner must decide to accept the offer.
- We have not made any claims or representations about the benefits, performances or efficacy of any services we may provide.