The Foreclosure Fairness Act
A little known law helps protect homeowners from foreclosure even when their situation may seem dire. The Department of Commerce is trying to spread the word about this law and Advantage Legal is here to help.
The Washington State Department of Commerce put out a press release to let people know about this Act that helps primary residential owners go into mediation with banks via a counselor or lawyer and look at alternatives to foreclosure. It’s a great way for homeowners to get help without the frustration of getting lost in the paperwork.
This Act is huge for homeowners who are scared of losing their home or frustrated with the process of trying to save it. This Act along with experts like those at Advantage Legal bring happiness and relief to many Washington families.
Each individual case is different but the Foreclosure Fairness Act and Advantage Legal were able to help one particular family who hasn’t paid their mortgage since March of 2009 and their unpaid amount plus their principal balance totaled approximately $511,488, with the help of the Act and Advantage Legal they were forgiven the amount of $256,488. WOW! That’s a forgiveness of almost half of what they owed. They were also able to get their monthly payment cut almost in half and their interest rate went from 8% down to 5%.
These kind of results are almost impossible to get on your own without the help of experts like Advantage Legal. If you’re not sure if you qualify under this law, you can go to advantagelegal.com or call their office at 1-877-mediation to get a free consultation to discuss your situation.
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