Passed during the 2011 Washington State legislative session, the Foreclosure Fairness Act provides an opportunity for homeowners in the state of Washington to participate in a "mediation" to discuss a modification or other options to avoid a foreclosure on a primary residence. However, not all lenders are required under Washington law to participate in a mediation. The attached list of exempt lenders and organizations should be consulted when evaluating foreclosure alternatives.
If your lender is exempt from the FFA mediation, you may wish to contact the lender and request an informal mediation where you discuss your loan with the lender in person. Retaining an attorney with experience with foreclosures, bankruptcy and real estate will enable the homeowner to evaluate her/his options and gain much needed peace-of-mind about what to do when faced with an underwater mortgage, job loss, divorce, health problem or any of the other myriad of other life issues that can cause a home to slip into foreclosure.