There are many homeowners out there just like you who are struggling to hold on to their home while trying to stay current on their mortgage. A foreclosure defense lawyer can advise you on what your options are and whether Washington States new foreclosure fairness act can help you save your home.
The Washington State foreclosure fairness act mediation program came into law in July 2011 as is aimed at allowing debtors a way to meet with their lenders through mediation prior to having there home be foreclosed. The purpose of the meeting is to allow the debtors a last ditch effort to save their home through attempting to negotiate a modification or repayment plan in which the debtors could possibly retain their home. In order for a debtor to qualify for the right to mediate their mortgage loan, the home in question must be a owner occupied principal residence and the debtors must have received a notice of trustee sale and have requested mediation within 20 days of receiving said notice. Mediation may only be requested by a credit counselor or an attorney.
Once the mediation is requested the foreclosure date will be postponed and notice will be given to all parties involved. Further both parties must pay to an assigned mediator a fee of $200 for the mediators time. Additional documentation may also be requested by the lender such as information regarding the debtors income and expenses as well as any other financials such as tax returns. At the mediation the lender is required to send somebody to the meeting that has authority to act on behalf of the bank. The foreclosure fairness act is especially helpful for those who have been a few payments late and the bank has started to reject the payments post bankruptcy. Having a real local and live person to talk to will be extremely helpful in getting results.
Further debtors may also want to consider perusing claims under MERS or federal truth in lending act if the bank will not cooperate as many home loans were given to people who were not qualified to own the homes in the first place. This can be an alternate route to getting a modification as the bank does not want to defend an action in which they may be found liable. If debtors are wondering whether they qualify for this type of action, there are many companies out there who offer audits of the debtors home loan which can provide the debtor the ammo that they need at mediation in order to get results.
If you have additional questions please schedule a free consultation with Symmes Law Group by calling 206-682-7975