What should we do as homeowners?

MARS ACT

In December 2010 the Federal Trade Commission came up with what we believe is a fantastic bill. It is called the "MARS ACT" - Mortgage Assistance Relief Services. You may remember that this was soon after the "Great Recession" started. Some call it the "Subprime Mortgage Meltdown". Whatever you call it this was a time when millions of American Homeowners were facing foreclosure. New companies popped up to "assist" homeowners by promising them the world. Many of them had dubious intentions and took advantage of many homeowners. Having lived through it as a distressed homeowner I agree the MARS Act was needed.

This bill applies to anyone who offers homeowners assistance with their mortgage: attorneys, real estate investors, real estate agents, mortgage brokers, and more.

Here is a summary of the bill:

-no one can charge you a fee in advance for anything

-no one can advise you to cease communications with your bank

-no one can charge you a fee as they do certain parts of the service

- no one can make a guaranteed promise as to what they can do for you

-they must tell you that they are a for-profit company and that they will make money if they are able to provide the services promised

-they must not tell you to stop making payments to your bank and must advise you of what will happen if you continue to miss payments

-they can't tout special "insider" bank information to make you feel they have more experience than you do

- you are able to walk away from the deal if at any point you feel uncomfortable and want out

no one can practice deceptive practices knowing that you are a homeowner with no experience in this arena

-basically NO ONE can take advantage of you

In order to comply with the MARS ACT we want you to be aware that if exists and is is our intention to follow it to the letter. You will sign this form and receive a copy of it when we begin working together.