Mortgage Assistance Relief (MARS) Protects Consumers

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The Federal Trade Commission's new Mortgage Assistance Relief Services (MARS) Ruling is designed to protect consumers from unfair and deceptive practices associated with mortgage relief companies.

The MARS new ruling:

• Makes it illegal to collect upfront fees

• Requires specific disclosures in all communications and advertisements for

mortgage assistance relief services, and

• Requires specific record keeping for two years from the date of document

creation.

Penalties for Non-Compliance

According to FTC attorneys, penalties for noncompliance include:

• Civil penalties of $16,000 per occurrence

• Injunctive relief

• Disgorgement of unlawful gain

• Ban on participation

To avoid penalties that could land you in hot water with the FTC, you should become familiar with and begin applying these changes immediately!

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