Foreclosure Fairness Act

Last week, Washington joined two other states (Nevada and Maryland) giving homeowners facing foreclosure the right to third-party mediation.

The Act is designed to give homeowners an opportunity to obtain loan modifications necessary to avoid foreclosure.

Lawmakers hope that the required mediation will lead to a reduction in the amount of foreclosures as well as resolve pending loan workouts.

While the goal of the Act is laudable, I would be concerned that this will increase the length of time foreclosure takes as well as increase its costs.

Read the Act here.


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