Bankruptcy or Foreclosure Looming?
Let The Washington Foreclosure Fairness Act Help you!
New Mortgage Foreclosure Program for the State of Washington.
A little known Mortgage foreclosure program went into effect in Washington State in 2011. It is called the Washington foreclosure fairness act (FFA). This program is for you if you need help paying your mortgage and need to renegotiate with your lender! This program was designed to help homeowners facing foreclosure and lenders to reach a resolution about foreclosures.
The Washington foreclosure fairness act also helps homeowners in that it requires lenders to notify “borrowers” before the foreclosure process of the possibilities of counseling and mediation.
You need a referral by a Housing Counselor or an Attorney to use the Washington foreclosure fairness act program! The reason for this is so that you will have representation when you sit down with the lender’s attorneys. When you are referred to the program, you will then be in the Mediation process. This process can be a very timely solution for you and your lender’s problems with the right people to support you. Having a knowledgeable law firm like Advantage Legal Group on your side can help you find your best option in a timely matter.
Related: 4 Ways to Raise Your Credit Score in 6 Months
Stopping the foreclosure process.
Once you are in the mediation process for the Washington foreclosure fairness act program the foreclosure process halts! You must act in “good faith” to stay in the mediation process. You and your legal representative will go through the mediation with your lender and their legal representative. The mediator will aid both sides to come up with a plan that will benefit both parties.
Remember, that if at any time the mediator believes you are not acting in “good faith,” your mediation can be canceled and your lender can proceed with a foreclosure. Your legal counsel will help you to know what you need to do. Examples of not acting in good faith: not turning in the appropriate paperwork on time, not paying the mediation fee on time, and not responding to e-mails or calls from the mediator.
Other Important Information
Free Seminars, Free Consultations, and Informative Videos!
If you have been thinking about bankruptcy or you are seeing a foreclosure in your future check out Advantage Legal Group to help with your legal options. Advantage Legal Group offers free seminars in the Seattle/ Puget Sound area. These free seminars cover legal options all the way from Foreclosure Defense Strategies, Mortgage Mediation, Deed in lieu of Foreclosure, Mortgage Modification, Short Sales, to the Washington State Foreclosure Fairness Act. Attend these free seminars in Bellevue, Lynnwood, or Tacoma. Attendees also learn about their legal options for their specific financial situation. You are under no obligation to do anything by attending the seminar. After the seminar, if you choose, you can schedule a free consultation with Seattle Bankruptcy Attorney Jonathan Smith to discuss even more specific their financial situations.
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