The Washington State Foreclosure Fairness act which came into law in July 2011 is now a year and a half old and to date 2,300 borrowers have taken advantage of requesting a mediation prior to foreclosure in the hopes of saving their home. This foreclosure fairness program allows Washington State home owners to request a mediation and meet face to face with somebody of authority from their lender prior to foreclosure. There is no guarantee that a workout will be offered, but it does allow borrowers the chance to live in their home a few more months or make sure an offer is received by the banks.
Often times frustrated home owners try contacting their lenders and papers are lost, calls aren’t returned, and borrowers are left without ever receiving a fair shot and keeping their home. foreclosure defense lawyers at Symmes Law Group are hoping to help more borrowers take advantage of this new law in the future as the word spreads of the benefits of mediation.
The foreclosure fairness act has been under utilized to date as borrowers often learn of their mediation options after it is too late. It is very important that borrowers understand that they have only 20 days after receiving their notice of foreclosure date in the mail to request a mediation. Furthermore, mediation may only be requested by an attorney or housing counselor who makes the request to the State department of commerce. To learn more about the Washington State Foreclosure Fairness Act, debtors should click HERE. Also please be aware that not every lender is subject to mediation. If your loan is with a smaller bank, your lender may be exempt from the requirements of mediation. The exempt lender list in on the states website provided above.
If you have additional questions please call Symmes Law Group at 206-682-7975 to see if you are a candidate for the Washington Foreclosure Act Mediation program.