If you are behind on your mortgage and at risk for foreclosure, the Mortgage Foreclosure Fairness Act (FFA) has a big impact on you.
The Washington state 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. For homeowners who have been frustrated by failed efforts to attempt loan modifications and other negotiations with their lender, this is great news. It also gives you additional time if you decide to do a short sale.
If you are behind on your mortgage, we’re happy to answer any questions you may have. Call Richard Eastern at 425-381-2233.