Indiana Short Sales and The New FTC MARS Rule Requiring
As REALTORS in NW Indiana representing clients involved in short sales, new disclosures are required when:
1) Advertising Short Sale Services
(SFR or other designations)
2) Listing Short Sale Properties
(in addition to the Short Sale Addendum already on Zip Forms)
3) Upon Lenders Short Sale Approval
(2 part disclosure)
For more information about these New Rules implemented by the FTC (Federal Trade Commission) that affect Indiana Real Estate Licensees, Indiana Association of REALTORS (IAR) and Director of Legal Affairs RICHELLE COHEN MOSSLER have drafted sample disclosure forms for members use to comply with these new requirements.
Also, a handy Question and Answer newsletter by Kelly Shonborn, IAR STAFF COUNSEL gives specifics and examples.
IAR Legal Hotline is available for any questions Principal or managing brokers have as a result of this new “MARS” regulation.
F. C. Tucker 1st Team Real Estate is not associated with the government, and our service is not approved by the government or your lender.
Even if you accept this offer and use our service, your lender may not agree to change your loan.
If you stop paying your mortgage, you could lose your home and damage your credit.