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New state law forces banks to work with homeowners

by JESSE JONES / KING 5 News

Bio | Email | Follow: @getjesse

KING5.com

Posted on July 18, 2011 at 5:43 PM

Updated Tuesday, Jul 19 at 10:48 AM

It may help a lot of people in our state who are facing foreclosure. A new state law takes effect this week that requires banks to work with homeowners before they start the foreclosure process.

More information:

http://www.commerce.wa.gov/site/1367/default.aspx

Program Contact:

foreclosuremediation@commerce.wa.gov

360-725-3026

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Comments: Displaying 1 - 11 of 11

housingcomm said on July 21, 2011 at 11:06 AM

Anyone facing foreclosure or fearing foreclosure, there is a community forum in Kent tonight (July 21) to learn your rights around the new law. Kent Lutheran Church 336 2nd Ave S Kent, WA 98032 from 6:00 - 7:30 p.m. What you will learn: What are homeowners’ new rights? What is foreclosure mediation? How does a homeowner request mediation?

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commonsensewa said on July 20, 2011 at 11:55 PM

And it only took 3 years to get it running.....

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rickbleecker said on July 19, 2011 at 3:27 PM

So now the state is going to try to force the banks to work with us?Well this sounds familiar,didn't the government make it a law that if the banks took the bailout money that they BY LAW had to work in good faith with the consummers to help us save our houses as we helped them save thier banks?? HOW WELL DID THAT WORK?The banks lied to us and made promises of modifications but in reality only 2% of all applicants ever recieved a modification even after meeting all criteria the bank required, so now because the state says you get to meet someone face to face THATS GOING TO MAKE A DIFFERENCE!!! YEA !The only way to stop the banks is by lawsuits,currently there is a class action lawsuit in Wa. by Keller Rorhback of seattle contact person Nick Wallace, upon recieving a foreclosure notice we will also be filing three additional lawsuits,1 for predatory lending, 2 for quiet title since the bank has lost all legally required documents needed to foreclose. 3 breach of contract!

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ameso said on July 19, 2011 at 10:07 AM

I work for a small bank. We always attempt to work with home owners in trouble, but in most cases, the only solution is to foreclose on the home. I couldn't imagine not trying to work with a home owner, though. The problem is that once someone falls behind 4 or 5 payments, they've pretty much reached the point of no return. Many times, even after we let them skip payments, they would be 90 days late within 4-6 months. Out of all the foreclosures I've worked on this year, I would say 1 out of 10 is actually able to pull out of the tailspin. On average, it takes us 8-10 months to foreclose, and longer if they file for bankruptcy. It isn't fun at all, for anyone involved, but foreclosure is necessary.

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kiracat99 said on July 19, 2011 at 7:10 AM

Isn't it interesting that those that don't have mortgage issues are against good faith efforts by those in trouble to save ones home-the same group that oppose any health care proposals because You have coverage-at least until they lose their job.

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freedomfrank said on July 19, 2011 at 5:38 AM

You mean you want people taking responsibility for themselves?????? Now we can't have a self sufficient society now can we? What would the government do then?

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s10maniac said on July 18, 2011 at 9:36 PM

I do feel bad for the couple in this story but the bottom line is if you make your payments you keep your house. If you don't pay your morgage you loose your house. I like it how they say it doesn't cost tax payers anything but it does. It is the people that make their morgage payments and have savings in the bank that pay for the people that were stupid and refinanced their house when they basically had it payed off. Nothing is free and the banks have to make a profit.

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tugthug said on July 18, 2011 at 7:38 PM

Wow King5 thanks for all the important information in this story. You all have overpaid lazy writers! You S**ck!

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thecrankster said on July 18, 2011 at 7:32 PM

Hey I got an idea why not just have people pay the mortgage and if they cant then let the house go in foreclosure then they just go out and rent or live in moms basement for a couple years. Stop trying to "fix" housing and just let the free market work, housing will come back but not until all these overpriced homes get flushed that's the way it always worked in the past. Why all the bail outs now?

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freedomfrank said on July 18, 2011 at 7:25 PM

so the state is forcing private business to quit stealing from us all the while their hand is swiping our money. Riiiiiiiight,,,,

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matthias said on July 18, 2011 at 6:03 PM

I hope they have some specifics otherwise banks will make up their own rules and make their own definitions of what "work with homeowners" means.

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