The Foreclosure Fairness Act
A little known law helps protect homeowners from foreclosure even when their situation may seem dire. The Department of Commerce is trying to spread the word about this law and Advantage Legal is here to help.
The Washington State Department of Commerce put out a press release to let people know about this Act that helps primary residential owners go into mediation with banks via a counselor or lawyer and look at alternatives to foreclosure. It’s a great way for homeowners to get help without the frustration of getting lost in the paperwork.
What is the Foreclosure Fairness Act?
“The Foreclosure Fairness Program provides homeowner foreclosure assistance by offering free housing counseling, civil legal aid, and foreclosure mediation. The program, created by the 2011 Foreclosure Fairness Act, helps homeowners and lenders explore possible alternatives to foreclosure and reach a resolution whenever possible. The Act requires lenders to notify homeowners, prior to initiating foreclosure, of the availability of foreclosure counseling and the potential for mediation, and to participate in mediation with homeowners who have been referred to the Mediation Program. The program is funded through fees paid by financial institutions recording notices of trustee sale on owner-occupied residential real property in Washington state (some financial institutions are exempt from this fee).” [Source]
This Act is huge for homeowners who are scared of losing their home or frustrated with the process of trying to save it. This Act along with experts like those at Advantage Legal Group brings happiness and relief to many Washington families.
Each individual case is different but the Foreclosure Fairness Act and Advantage Legal were able to help one particular family who hasn’t paid their mortgage since March of 2015 and their unpaid amount plus their principal balance totaled approximately $511,488, with the help of the Act and Advantage Legal they were forgiven the amount of $256,488. WOW! That’s forgiveness of almost half of what they owed. They were also able to get their monthly payment cut almost in half and their interest rate went from 8% down to 5%.
These kinds of results are almost impossible to get on your own without the help of experts like Advantage Legal. If you’re not sure if you qualify under this law, you can go to advantagelegal.com or call their office at 1-877-mediation to get a free consultation to discuss your situation.
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For more information on related topics check out:
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–What If I’m a Year Behind in My Mortgage Payments?