Good News for Families Facing Foreclosure
The News Tribune
April 1, 2011
While 23 states now have some form of mediation program for struggling homeowners, Washington is the third state to have non-judicial third-party mediation process. Despite initial resistance from Washington Bankers, the financial industry is pleased with the bill after subsequent negotiations and revisions. One banker notes how the bank’s job is easier “when indebted homeowners understand the foreclosure process, their financial situation and their options” which the housing counselors will be able to explain.
With nearly ten-thousand foreclosures in Washington this year, the clause will go into effect almost immediately so people already in the foreclosure process can quickly take advantage of it.