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Hi Tina I have a company that negotiates short sales. In my state you have to be realtor to negotiate short sales. I negotiate for agents all of the country. As long as your state allow an agent to negotiate short sales I dont believe you will have any issues. I can only go by my experence and I have not had any issues, if you are good at your job and would consider taking some of my refferals let me know.
FTC, MARS disclosures are only to let the public no your position on handling the Short Sales as well as other mortgage assistance. My understanding is the drive for it was because many professionals negotiating Short Sales were claiming they were affiliated with the lien holder and/or the government deceiving the public. They were also charging up front fees and locking the public into agreements in situations where it wasn't always their best interest. Basically as long as you clearly identify who you are, what you do and give them an opt out clause at any point during the transaction your in the clear. Of course it is all dependent on your state laws as well as some states that require special licenses if you don't hold a real estate license or are an attorney. You should always have an attorney as part of the transaction at the very least to review the documents the lender sends such as the approval letter to make sure the language is understood clearly and legally by the client. It is up to you, your client and your state laws on how involved you want the attorney in the pre-negotiation / processing as well as negotiation of terms of the approval if they are not to your clients liking.
The FTC / MARS disclosures do not prohibit you in anyway from performing the services of a Short Sale. They just make sure you are acting honestly as well as ethically to the public and not in your own interest.
Clarification... CT and CA require different licenses. In CA you need to be a REAgent, but only according to the general counsel of the DRE. If you call the CA State licensing board and ask them if you need a license to negotiate mortgage debt they will tell you "no" but that it is in the works. In CT you need to be a REAgent OR have a State Debt Negotiation license. We are 3rd party processors too (in CT and CA among other states) and we just made sure all our docs are MARS compliant. The fiduciary relationship of Agent to Seller is not relieved by using a third party processor as explained by our attorney in cases where the third party was introduced by the agent.
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