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.
The law becomes effective on July 22, 2011.
The Department of Commerce’s Foreclosure Fairness Act Mediation Program Information Website is up and running at http://www.commerce.wa.gov/foreclosures
Please share this link with anyone who has questions about the program. The Washington Department of Commerce is coordinating the program, so all questions should go through them. Counselors with questions about participating should contact the Washington Housing Finance Commission (http://www.wshfc.org/).
The Department of Commerce website will have more information in the coming weeks as they get the program up and running.