REALTORS® Guide to Foreclosure Defense
Maryland and Federal Guidelines and Updates Affecting REALTORS®
Are you a Maryland Real Estate Licensee with a client in danger of foreclosure? Are you thinking of guiding your client through the short sale process as a Foreclosure Consultant (FC) protected under the “safe harbor” mentioned in a recent Maryland Real Estate Commission (MREC) memorandum? If so, you must make sure you are operating within the guidelines of the most up to date Federal and State regulations.
Some of those guidelines include:
- Mortgage Forgiveness Debt Relief Act of 2007
– Enhanced HAFA
- Code of Federal Regulations (CFR)
- Maryland Credit Services Business Act (MCSBA)
- Maryland Protection of Homeowners in Foreclosure Act (PHIFA)
– Section 7-307
- Maryland Assistance Relief Services Act (MARS)
Are you up to date on critical memorandums by the Maryland Real Estate Commission (MREC)?
At the Law Offices of Jill Pogach Michaels, our attorneys are experienced and knowledgeable in the short sales arena. In a recent Maryland Bar Association article, Jill Pogach Michaels, Esq. presented explanations regarding the updated Federal and State regulations for the short sales process. Updates are published by the Maryland Real Estate Commission (MREC) often, and Jill has been asked by several Real Estate Licensee’s for explanations on the increasingly complicated and limiting Federal and State regulations.
Make sure you are protected. Real Estate Licensees in violation of State and/or Federal regulations can be prosecuted civilly and criminally, face possible imprisonment and/or fines of up to $10,000.