Escrow & Title
In Washington, a 'foreclosure mediation' program allows defaulting borrowers to:
AAutomatically stop all foreclosure proceedings indefinitely
BMeet with the lender in a mediated conference to explore alternatives to foreclosure before the trustee's sale✓ Correct
CReduce their loan balance through mediation
DTransfer the property to a new owner through mediation
Explanation
Washington's Foreclosure Fairness Act provides eligible homeowners with the right to request mediation before a trustee's sale. The mediation program requires the lender and borrower to meet in good faith to explore options such as loan modification, forbearance, or short sale.
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