Bellevue Washington (PRWEB) April 17, 2014
Advantage Legal Group has been a leader on Seattle's New Day television program discussing the benefits of mortgage modification and assisting Seattle and Bellevue based homeowners maintain homeownership with mortgage modifications and advocating for homeowners rights.
"Most borrowers and homeowners don't understand their rights and therefore can get trampled on by big banks and lenders", says Jonathan Smith, owner and attorney for Advantage Legal Group.
In a recent interview on New Day, Margaret Larson discussed the benefits and situations in where mortgage modification is applicable.
Peter and Judy, local Seattle residents, turned to Advantage Legal Group for answers when making mortgage payments became too difficult. After applying for modifications over eight times and being two years behind, Smith and Advantage Legal Group was helping to help by bringing the lender on the property to the table to negotiate a lower payment and become caught up with the behind payments.
Washington has put in place the Washington State Foreclosure Fairness Act allowing home buyers to apply for modification and forces lenders and their attorneys to come to the table with an offer for borrowers rather than foreclosure. Smith says, “this is exclusive to Washington state and only for your primary residence and not for rental properties. This also must be requested by a housing counselor or legal attorney." Smith goes on to say, “lenders at this point don't have a choice. They must come to the table with negotiations."
To qualify, Smith says that borrowers must use the primary residence and the bank, as long as it is not exempt, is required to negotiate and “come to the table” with an offer for borrowers. (Source)
“Lenders will never tell you about this Washington State option. They will only tell you about foreclosure or deed in lieu and this is why it is so important to have legal assistance on your side,” says Smith.