C.A.R. Standard Forms to release MARS forms
The Federal Trade Commission (FTC) has issued new rules that may impact real estate practitioners who represent clients involved in short sale transactions. Depending on certain factors, the so-called MARS rules (Mortgage Assistance Relief Services) could require members to make certain disclosures to consumers if they negotiate a short sale with a lender or advertise their short sales experience.
The MARS rules took effect on Jan. 31, 2011. SEE: http://www.ftc.gov/opa/2010/11/mars.shtm
To comply with the MARS rules, C.A.R. Standard Forms will have an intermediate forms release to address some urgent changes and issues pertaining to tenancy termination requirements after foreclosure. The following new forms will be available no later than March 17.
* MARSSN: Mortgage Assistance Relief Services Short Sale Negotiation Notice
* MARSMRN: Mortgage Assistance Relief Services Offer of Mortgage Relief Notice
* NTAF: Notice of Termination of Tenancy within One Year after Foreclosure (Giving Tenant At Least 90 Days to Vacate)
* NAF : Additional Information Regarding Termination of Tenancy within One Year After Foreclosure (Cover Sheet Attached to Notice (C.A.R. Form NTT) Giving Tenant Less Than 90 Days to Vacate)
