Thursday, April 14, 2011

Governor signs Orwall’s Foreclosure Fairness Act

After two years of intense work with banks and housing advocates, state Rep. Tina Orwall can start thinking about her next mission now that Gov. Chris Gregoire has signed the Foreclosure Fairness Act of 2011 into law. Witnessing the event were community members, stakeholders and lawmakers, all very excited that the new law will bring relief and hope to struggling families across the state.

The law will go into effect in just three months, so those facing foreclosure can look forward to having access to housing counselors that will assist them in the process. Under the new law, homeowners will be able to meet with the bank and an independent mediator to review every available option to keep their homes.

“Having the opportunity to sit down face-to-face with the bank will give struggling homeowners a real chance to work out the best possible outcome for their specific situation,” Orwall said.

To learn more about the Foreclosure Fairness Act, please go here.

To read this blog post in Spanish, go here.