Did you know that the FTC has rules about what your short sales specialist needs to tell you when they offer to represent you? These disclosures are covered under the rules for providers of MARS (Mortgage Assistance Relief Services). They help protect consumers from misleading advertising. Here are 4 of the top things you should know.
The Bad News
· Your specialist can’t guarantee that your lender will let you short sell your home. In the end, it is up to the bank to decide.
· If you stop paying your mortgage in order to encourage the bank to let you short sell, your credit will be negatively impacted and you might end up in foreclosure anyway. (Of course, any short sale affects your credit, just not as badly as a foreclosure).
The Good News
· You can accept or reject any offer your lender and real estate specialist come up with. If you reject an offer, you still aren’t on the hook for the specialist’s fee. That is only paid when a deal closes.
· You can stop doing business with an specialist at any time if they aren’t fulfilling your needs. This means if you want to switch to an experienced short sale specialist who has a better shot at getting you a good deal, you can do it today.