The Washington State Foreclosure Fairness Act requires lenders to discuss potential mediation options with homeowners before initiating foreclosure procedures. And it’s working.
We recently listed a home with a seller who was attempting to do a short sale. We got a solid offer from a buyer that met all the bank’s criteria, and submitted all the paperwork. However, the home was on the verge of foreclosure, with an auction already scheduled. We advocated on the client’s behalf with the lender, but were told they would not postpone the auction to consider the offer. We counseled the seller to call the FFA Hotline and outlined all the information they would need to present. Now for the good news: As a result, the auction was postponed and the original offer is currently in the lender’s system awaiting approval.
You can access the Foreclosure Fairness Act Hotline at 1-877-894-HOME (4663).
If you’re considering a short sale, we’re happy to answer any questions you may have. Call Richard Eastern at 425-381-2233.