Skip to content

The Foreclosure Fairness Act

2011 April 22
by Asset Protection Solutions

The Foreclosure Fairness Act, House Bill 1362, was signed into law by Governor Gregoire last Thursday, April 14th, 2011. The act gives homeowners the right to mediate before a notice of foreclosure can be issued.  With this new act in place, Washington became the third state to adopt a foreclosure mediation program, after Nevada and Maryland, which goes into effect on July 13th of this year.  Washington is currently 10th in the nation in terms of numbers of foreclosures. It is hoped that this could help more homeowners in Washington state avoid foreclosures.  The Foreclosure Fairness Act gives distressed homeowners who are working with housing counselors or attorneys the right to mediate with the bank or loan servicer.  The homeowner can seek modification of the loan in the mediation.

This puts homeowners, to a certain degree, on a level playing field with the banks.  Our firm fully supports the homeowner’s right to retain legal counsel and this bill is especially helpful.  Now if a homeowner can go into mediation with a compelling pre-qualification letter from his or her attorney recommending bankruptcy if the modification process cannot be resolved favorably, then many homes will be saved from foreclosure and this is a good thing.  For the particularly tough cases, the success of mediation can also be enhanced through creative shared appreciation options.

From now until July 13th, 2011, our Seattle law office is offering to provide legal representation for distressed homeowners, either in-person or by phone consultation. We will provide a letter of recommendation or “pre-qualified” letter as well as assistance to exercise your right to mediate under Washington law.  To make this type of help affordable, we are offering a discounted rate of $350.00 (regularly $750) plus a credit toward the bankruptcy filing fee, if and when filed.  This discount will be extended up to July 13th when this law takes effect.

To take advantage of this special offer, contact us at (206) 684-9369 or email us at assetprotectionsolutions@gmail.com.

 

No comments yet

Comments are closed.