New foreclosure rules in Washington state
Puget Sound Business Journal
Date: Thursday, April 14, 2011, 2:17pm PDT
A new law to protect homeowners from foreclosure was signed into law by Washington Gov. Chris Gregoire Thursday. The new foreclosure rules, according to supporters, allow homeowners to sit down and talk with their lender about alternatives to foreclosure.
The foreclosure law allows a mediator to handle a negotiated agreement between the lender and homeowner. Banks and lenders must also conduct “a good faith review” of the homeowner’s financial situation and offer loan modifications, if possible.