HOW DOES THE MORTGAGE FORECLOSURE FAIRNESS ACT AFFECT YOU?
The Mortgage Foreclosure Fairness Act (FFA) went into effect on July 22, 2011. The 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 may be eligible if they meet these criteria:
- They have received a Notice of Default from their lender.
- The lived in the home when the foreclosure process started.
- They have not yet received a 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:
Owner-occupied residential borrowers in Washington have access to FREE housing counselors. Call 1-877-894-HOME (4663) or go to
Washington Property Solutions
Windermere Real Estate /East Inc.
11100 Main Street, Suite 200, Bellevue, WA 98004