What is the Mortgage Assistance Relief Services (“MARS”) Rule?
The Mortgage Assistance Relief Services (“MARS”) Rule is a federal regulation issued by the Federal Trade Commission (“FTC”) to curb unfair and deceptive practices associated with mortgage assistance relief services. These services claim to help homeowners prevent or postpone foreclosure or obtain other forms of mortgage relief, such as loan modifications, forbearance agreements, short sales, deeds-in-lieu of foreclosure, or extensions of time to cure defaults or reinstate loans.
The Rule defines “mortgage assistance relief service” as any service, plan, or program that is represented, explicitly or implicitly, to help homeowners prevent or postpone foreclosure or obtain mortgage relief. The Rule applies to for-profit providers of these services, including companies, individuals, and attorneys.
For more information, see here: https://www.ftc.gov/business-guidance/resources/mortgage-assistance-relief-services-rule-compliance-guide-business
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