Help is on the way for some Washington homeowners facing foreclosure under a bill Gov. Chris Gregoire signed into law Thursday.
House Bill 1362, which goes into effect in July will give indebted homeowners more time, more counseling and third-party mediation with their lenders before losing their homes in a move that makes Washington the third non-judicial foreclosure state in the nation to pass a foreclosure mediation law.
“I’m very proud,” said Rep. Tina Orwall, a Des Moines Democrat and the measure’s primary sponsor. “It puts us out leading in the nation to help homeowners through this crisis.”
The final bill was the result of negotiations between banks and anti-poverty advocates in the state, said state Housing Finance Commission Director Kim Herman, and it should to give lenders and homeowners more opportunities to reach agreements that keep Washington residents in their homes.