Washington State Mortgage Foreclosure Fairness Act Information

HOW DOES THE MORTGAGE FORECLOSURE FAIRNESS ACT AFFECT YOU?

The Mortgage Foreclosure Fairness Act went into effect on July 22, 2011. The new law was primarily designed to help homeowners try to keep their home and work out a loan modification in an effort to prevent foreclosure. It forces major lenders to engage in conversation and problem solving with borrowers.

 

Who is covered by the new Foreclosure Fairness Act Mediation Program?

Homeowners are covered if they are in owner-occupied properties and have either:

(1) Received a Notice of Default on or before July 22, 2011 and their house has not yet been sold at foreclosure sale, OR

(2) After July 22, 2011:  have not yet received the Notice of Trustee's Sale.

Which lenders are covered by the law?

Any lender or servicer who did 250 or more foreclosure sales in Washington during the previous year is covered.

For more details about the law:

Download the Washington Foreclosure Fairness Act Homeowner Handout  [PDF]

Download Washington Foreclosure Fairness Act Information for Realtors  [PDF]

     Owner-occupied residential borrowers in Washington have access to              FREE housing counselors

Call 1-877-894-HOME (4663) or go to www.homeownership.wa.gov