avoiding foreclosure scams
FTC MARS Rule Consumer Rights
The Federal Trade Commission’s MARS Rule was enacted to help protect you from unscrupulous mortgage relief assistance services. This law says you don’t have to pay any money until a company provides the results you want. What evidence is required to show that proper results have been achieved?
- The company has to give you a written offer for a loan modification or other relief from your lender, and you have to accept the offer.
- The company has to show evidence that your lender is paid in full.
- The company has to provide proof that your mortgage has been cancelled.
“A” is correct. The company also has to give you a document from your lender showing any loan changes that will take place if you decide to accept the new offer and clearly disclose the total fee it plans to charge for its services.