Many home owners today do not know about the Foreclosure Fairness Act of 2011. It took effect in August and applies accordingly:
~Only for owner-occupied residences
~Guarantees homeowners the right to a face to face (or phone to phone) meeting with their lender – the person representing their lender must have authority to make binding decisions
~In order to take advantage of this FFA, homeowner must respond to a letter from their mortgage lender called a ‘Notice of Pre-Foreclosure Options’ or NOPFO.
~If home owner does not respond before a deadline, teh homeowner LOSES the right to meet w/lender.
~Home owner should be assigned Housing Counselor who helps prepare for meeting w/lender. If home owner responds within 30 days of date of NOPFO letter, the foreclosure process is delayed another 60 days to allow negotiation.
Said negotiation can include approval of short sale or allowance to attempt short sale. This means that if homeowner is fearful they are too close to foreclosure to do a short sale, this may help give more time.
For more information about this very important act, please visit