Foreclosure Fairness Act

Lisa Woods — Wed, 20 Jul 2011 21:35:46 +0000

One of the fallouts from the mortgage crisis as it is commonly
known is the number of foreclosure actions that have occurred, not just here
but nationwide. It seems that everyone either knows someone who has been
affected by a foreclosure or knows someone who knows someone who has. What I
know for sure is that foreclosures are not good for anyone, not the least of
which are the people who find themselves in this no win emotional situation but
also for neighborhoods and the strength of communities. The Department of
Commerce is heading up a new program that launches this Friday, July 22, 2011
that I believe will be helpful to all of the above, see below for information,
phone numbers and links on where to get help or for someone you may know who
may find this useful.

Foreclosure Mediation Program

The Foreclosure Fairness Act, passed during the 2011 legislative session, created the Foreclosure Mediation Program to provide homeowner foreclosure assistance. State
law now requires lenders to notify borrowers prior to foreclosure of the availability of foreclosure counseling and the potential for mediation. Foreclosure counseling will help homeowners understand all of their options and determine the best course of action.

Foreclosure mediation will begin July 22, 2011. Homeowners who wish to
participate in mediation must be referred by a housing counselor or an
attorney. To participate in this program homeowners should seek housing
counseling or an attorney promptly. More information will be available on our
Web site as we continue to develop the program.

To find a counselor now, please call Washington State’s foreclosure prevention hotline:
1-877-894-HOME (1-877-894-4663).

For more information click here:

http://www.commerce.wa.gov/site/1367/default.aspx

Seattle Eastside Home Front

Foreclosure Fairness Act