Tuesday, July 19, 2011

An anti-foreclosure Friday ahead - deadline for foreclosure loans and launch of mediation program

This Friday, July 22, is an important date for homeowners who are at risk of foreclosure. It is the deadline to qualify for the Emergency Homeowners’ Loan Program, which provides bridge loans to help with mortgage payments. But it is also the day the Foreclosure Fairness Act of 2011 goes into effect, so as one program ends, another one launches to give struggling homeowners a helping hand.

The Foreclosure Fairness Act of 2011, sponsored by state Rep. Tina Orwall this past session, created the Foreclosure Mediation Program to give homeowners facing foreclosure the chance to request a neutral, third-party mediator to come to a resolution with the lender.

The Des Moines Democrat said that she’s heard from homeowners who are basically given the runaround by the banks for years, and that this new program will offer them hope with the help of housing counselors and a mediation session with the lender to reach a solution that both parties can live with.

A community forum on the Foreclosure Fairness Act will be held on Thursday, July 21 for anyone interested in learning more about how the mediation program will work.

Attend the forum:

Foreclosure Fairness Act of 2011 public forum

Thursday, July 21 from 6:00 to 7:30 p.m.

Kent Lutheran Church

336 2nd Ave S, Kent, WA 98032

Visit the Foreclosure Mediation program’s website or call the Washington State's foreclosure prevention hotline: 1-877-894-HOME (1-877-894-4663) to find a housing counselor.

Read Rep. Orwall’s press release on the Foreclosure Mediation Program here.

For more information on the bridge loan program, visit the website or call 855-FIND-EHLP.

To read this blog post in Spanish, go here.