Katie Schmidt, The Olympian

The Washington Legislature this week moved forward on two bills meant to reduce foreclosure rates in the state and offer more guidance to indebted homeowners.

After some changes, House and Senate proposals to set up a foreclosure mediation process passed out of committee, picking up support from bankers and anti-poverty advocates alike.

“We’re joining a handful of states that have done mediation and had a lot of success,” said Rep. Tina Orwall, a Normandy Park Democrat and the primary sponsor of House Bill 1362. “I think it will help a lot of homeowners who are frustrated with the process.”

Both Orwall and Sen. Adam Kline, sponsor of Senate Bill 5275, introduced substitute bills to the ones originally heard in committee. Orwall said the substitutes were the product of negotiations with banks, anti-poverty advocates and others over the bill’s third-party mediation provisions, one of its most controversial elements.

Read more: http://www.theolympian.com/2011/02/18/1548260/foreclosure-bill-creates-mediation.html#ixzz1EQ2TKC4o

Write A Comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ready to get started?

Speak to a specialist at (888) 737-6344