In just two years, more than 77,000 families lost their homes to foreclosures, which now ranks Washington at 10th in the nation in foreclosures, up from 25th.
Some people think they’re not affected by foreclosures because they’re still in their homes, but the reality of this crisis is that foreclosures are affecting all of us. State Rep. Tina Orwall says the new faces of foreclosure are our neighbors, co-workers, friends and family members.
Orwall announced early in the session that she and Sen. Adam Kline were working on a new system to help struggling homeowners stay in their homes.
And today, her bill, the Foreclosure Fairness Act of 2011, was sent to the governor who has five days to sign it into law.
Orwall’s measure will bring lenders and borrowers to the table to work on finding alternatives to foreclosure with the help of an independent third party, a mediator. The bill is modeled after a Nevada legislation passed a couple of years ago that is returning very good results, as reported by the Associated Press in January.
“Approximately 45,000 families will receive notices of foreclosure this year, but we are providing new hope for many of them with a fair process and resources to help them explore every option available and keep their homes whenever possible,” said Orwall.
For more details on this legislation, you can read:
• Orwall’s press release
• Statewide Poverty Action Network press release
• Federal Way News story
• Washington Policy Watch piece
• News Tribune story
