OLYMPIA – Amendments were added to House Bill 2614 on Monday to continue the work of the Foreclosure Fairness Act (FFA) as well as add additional remedies and protections for other parts of the foreclosure process.
The amendments, advocated for by Sen. Steve Hobbs, D-Lake Stevens, most importantly allowed for necessary updates to the FFA, which was created last year by the legislature. The FFA is a program critical to providing families the best opportunity to remain in their homes.
Other homeowner protections incorporated into the bill includes a course of action for homeowners who have lost their home due to a mistake in the foreclosure process. Without this change, people who lost their homes due to error had no way to get back in their house.
HB 2614 protects homeowners who agree to a short sale of their home by requiring the lender to notify the seller within three years if they intend to go after the remaining debt on the home within three years.
“Foreclosures are an ongoing issue across our country and throughout our state,” Hobbs said. “We must give families every opportunity to remain in their homes and level the playing field between homeowners, banks and other lenders.”
Without Hobbs’ actions Monday, these critical bills would have fallen by the wayside this session because they were not taken up prior to Friday’s cutoff for policy bills.