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Senate approves foreclosure mediation bill

Post by Katie Schmidt on March 29, 2011 at 12:48 pm with 3 Comments »
March 29, 2011 12:48 pm

A bill to set up a foreclosure mediation process for troubled Washington homeowners cleared another hurdle in the state Legislature today.

The proposal, House Bill 1362 passed the Senate in a 36-11 vote, and, if it becomes law, supporters said it would go a long way toward keeping state residents from losing their homes.

“All in all, it should keep in their homes many of the anticipated 70,000—let me repeat that number, 70,000—Washington homeowners who are expected to receive notices of foreclosure this year,” said Sen. Adam Kline, a Seattle Democrat, during floor debate on the bill.

The bill still needs to be reconciled with the version that passed the House and signed by the governor to become law, but if that happens, it would increase the number of housing counselors in Washington, set up third-party mediation and extend a requirement that lenders “meet and confer” with borrowers facing foreclosure. The measure would be funded through a $250 fee banks would have to pay every time they foreclose on someone.

Sen. Don Benton, a Vancouver Republican voted against the measure. He said he had misgivings about the proposal, mainly because he worried that banks would pass the expense from the fees onto consumers, affecting people who had been careful not to borrow too much against their homes.

“The Legislature cannot make people more responsible in terms of their financial decisions,” Benton said.

According to the Web site Realty Trac, Washington has had 9,366 new foreclosures so far this year, mainly in King, Pierce and Snohomish counties.

 

Leave a comment Comments → 3
  1. taxedenoughintacoma says:

    Ask anyone that has gone trough the foreclosure process and they will tell you that the banks laugh at all the state and federal program that are designed to help them. They turn out to be mostly smoke and mirrors and don’t work. I had a good friend that had friends in the White House and their help only hurt her. Well after 6 months she is out on her ear. The bank now owns the house, she is sleeping in her car and still getting letters about how Obama will help her keep her house.

    Olympia and Wahington DC should do us a favor and stop doing us a favor. The unintendended conconquences of their actions do more harm than good.

    And this woman sent donations to Obama and Democrats in Olympia. Well she got the government she paid for.

    They are from the government and here to help.

    Would someone tell them to LEAVEUS ALONE!!!!!!!

  2. richardhall345 says:

    The money that you save by refinancing every month can be sensibly used to repay your unique loan or to upsurge your savings. Do not forget to search online for “Mortgage Refinance 123″ they found 3.17% rate for me. They taught me how to refinance smart.

  3. thebestofthebest says:

    I had a good friend…..she is sleeping in her car….?

    She’s not your friend anymore?

    Hell, I’m not even Christian but I help my friends….

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