The Foreclosure Fairness Act, enacted in Washington state in 2011, aims to strengthen foreclosure protections and establish a funding source for preventive measures. It introduces an $80 foreclosure prevention fee for most residential loans except for specific reverse mortgages. However, there is a concern regarding the specified age cutoff of 61, as some borrowers could be eligible as young as 60 under current laws. The act's lack of clarity on reverse mortgages in mediation has prompted requests for legislative changes, highlighting ongoing attention to reverse mortgage policies in other states like Hawaii.
Washington state's foreclosure mediation program, initiated by the Foreclosure Fairness Act of 2011, aims to enhance protections and introduce a fee for residential loans.
The new bill requires an $80 foreclosure prevention fee per mortgage, with exceptions for reverse mortgages, although age provisions may need clarifying to ensure fairness.
#foreclosure-fairness-act #washington-state #foreclosure-mediation #reverse-mortgages #housing-legislation
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