Wednesday, May 11, 2011

Mark your calendar: foreclosure mediation begins July 22, 2011

A new law could help the 45,000 families receiving foreclosure notices this year, by helping them strike a deal with the bank so they can keep their homes. The Foreclosure Fairness Act of 2011 goes into effect on July 22, and the program’s website is already up and running to give homeowners as much time as possible to get ready.

“This is the perfect example of a responsive government,” said state Rep. Tina Orwall, who sponsored the bill (HB 1362) that created the Foreclosure Mediation Program. “People were desperately asking for help, so we got to work on solutions and now it’s a reality. We have the Foreclosure Mediation Program that homeowners need!”

The Foreclosure Mediation Program will help struggling homeowners with housing counselors and independent mediators so they can meet with the bank and review every option to work out the best possible outcome.

The Department of Commerce’s Foreclosure Mediation Program Website includes many useful links for homeowners to get all the information they will need to leap into action come July 22, such as:

- Talk to a housing counselor
- Learn about potential foreclosure alternatives
- Learn about foreclosure assistance programs
- Get foreclosure and mortgage assistance and fraud information

The website will continue adding information, so those interested in the foreclosure mediation program are encouraged to visit the site often. They can also call the Washington State's foreclosure prevention hotline: 1-877-894-HOME (1-877-894-4663).