I previously posted about the new Washington Foreclosure Fairness Act here. I wanted to give a quick update that this new law will go into effect as of July 22, 2011 (the countdown is on). This should provide a tremendous resource and leverage back to Washington homeowners facing a potential foreclosure or trustee's sale of their home.
In anticipation of the new law housing counselors, banks, lenders, real estate attorneys, and mediators have been getting ready. The Washington State Department of Financial Institutions and Department of Commerce are also getting ready. The WA Department of Commerce has even put out a reader friendly guide to the new act that is very helpful - click this link to get the brochure. Or to get more information on the new Foreclosure Fairness Act you should visit either DFI or the Dept. of Commerce.
If this is the first time your hearing about the new Washington Foreclosure Fairness Act, be sure to check out my prior link, here. And Remember, though the Act is set to provide homeowners a greater opportunity with working with their lender or bank, you will still need to take affirmative steps to secure your rights. If you fail to respond to the initial letter or notice, within the designated time period, you may end up with a notice of default and a subsequent trustee's sale of your home. There are options out there, so do not ignore them.
Also, here's a special report from Chris Thomas of Public News Service (WA) featuring yours truly discussing the new benefits of the WA Foreclosure Fairness Act:
Here's another update from DFI: http://finlit.blogspot.com/2011/07/landmark-program-that-helps-struggling.html
Also here's another new update from WA Foreclosure Legal Aid Project: Another $1Million Given to Project: http://www.atg.wa.gov/BlogPost.aspx?id=28712