The number or foreclosure listings in Washington State and all over the country is on the rise again, but there is hope as many home owners have made it possible to hold on to their home through the Washington State Foreclosure Fairness Act.
The Washington State Foreclosure Fairness Act is little known by both home owners and employees of mortgage holders. To have this protection work for you it is best to hire an attorney.
What many home owners are unaware of is that there are many different modification programs they may be able to qualify for. These programs include the HAMP Tier 1, the HAMP Tier 2, the HAMP Standard, FHA Modifications, VA Modifications, Non GSC Modifications, modifications that mirror HAMP, internal modifications, the National Settlement Act, Washington State Settlement with pick a payment programs and much more.
There are many lawsuits against banks in the courts today for failure to adhere to these settlement programs. The problem lies with banks not telling home owners about these programs or not even considering homeowners for these many various modification opportunities.
It is very important to know where the mortgage on your home stands and who is the actual owner of the loan on your home. Many people are unaware that the bank processing their payments may not actually own the loan. Where your loan is actually owned determines what modification programs you are eligible to apply for.
The Washington State Foreclosure Fairness Act allows a counselor or lawyer to work on your behalf to stop the foreclosure process while you try to apply for a qualifying loan modification.This law allows for a slow down of 6 to 9 months on the foreclosure process and gives time for legal help to find who owns the loan and just what programs you qualify for and your rights as a homeowner.
It is impossible to make any headway with the Washington State Foreclosure Fairness Act on your own as the program is set up for you to work through a housing counselor or attorney. The program sets up a series of mediation with the county through the Washington State Dept. of Commerce.
In many cases you can lower your payments through a qualifying modification program. In some cases payments may go up but interest rates can greatly lower without extending the term of your mortgage. Each case is determined by the income of the home owner.
If you are facing foreclosure and feel unheard please contact Advantage Legal Group immediately! We offer free consultations. Don’t settle for the bank telling you you will have to short sale or settle for a deed in lieu. Let us take a look at your case or free first.