Facing foreclosure is not a sweet process for all homeowners who happen to get caught in it, and in Washington State, it’s no difference. Even though the process might be different, stopping foreclosure is always a long and scary road to thread. However, in Washington state, a law was passed in 2011 and it was called the Foreclosure Fairness Act(FFA) and its purpose was to encourage negotiation between homeowners and lenders. By negotiating terms, both parties can come to a neutral agreement that benefits both and harms none. It was initiated in an attempt to reduce the rate of homes been foreclosed.
There are many options to explore before giving up on your home if the FFA does not work for you. These options have helped many homeowners save their homes in times of crisis or financial difficulties. Let’s look into two of them:
A loan modification is a process by which your loan agreement is reviewed and changes are made to make it easier for you to stay on track with your mortgage payments. Loan modification can be used to prevent foreclosure as well as stop foreclosure. It’s advisable to do this early as most lenders won’t approve your request if a foreclosure sale date is near.
You will need to hire a lawyer to help you with this process. Once you file for bankruptcy, a court order is given called an automatic stay, this order put an immediate stop to all creditor’s collection activities including foreclosure. Provided you file for bankruptcy before a foreclosure sale was concluded, you will be able to save your home. You need legal advice to know which of the chapters you should file for, let your lawyer handle this for you for better results, and to prevent errors.
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.
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