February 3, 2011
Message from Commissioner Lowe:
In a spirit of keeping our licensees informed on current and relevant topics, we are proving the following article on Short Sale Negotiator Regulations and the link to the Federal Trade Commission (“FTC”) Mortgage Assistance Relief Services (“MARS”) Rule.
1. Short Sale Negotiator Regulations: Click here to view
The information in this article is based on Arizona law and was drafted in conjunction with Arizona Department of Real Estate, the Department of Financial Institutions and the Arizona Attorney General’s Office and the Arizona Association of REALTORS®.
ADRE will begin enforcement of this prohibition on March 1, 2011 which should give licensee time to bring their business practices into compliance.
2. Federal Trade Commission (“FTC”) Mortgage Assistance Relief Services (“MARS”) Rule http://www.ftc.gov/os/fedreg/2010/december/R911003mars.pdf
The MARS issue is still unresolved; however, the National Association of REALTORS ® is meeting with the FTC.
Mary C. Utley
Assistant Commissioner-Operations
Arizona Department of Real Estate
The Presidential Realty REO Division works directly with banks, mortgage lenders and asset management companies to assist in the sale of their bank-owned properties. The division also works with families in financial distress to help them sell their properties before foreclosure becomes the last resort as well as assists local investors in finding foreclosed properties available to rehab or rent.