BILL REQ. #: H-5065.1
| State of Washington | 61st Legislature | 2010 Regular Session |
READ FIRST TIME 02/09/10.
AN ACT Relating to the foreclosure of residential real property; creating a new section; and providing an expiration date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 (1) In an effort to reduce the number of
residential foreclosures while protecting the interests of both
borrowers and beneficiaries, the Washington state housing finance
commission shall conduct a review of the effectiveness of RCW
61.24.031, which requires a beneficiary or authorized agent to contact
the borrower before issuing a notice of default for the purposes of
assessing the borrower's financial ability to repay the debt and
discussing alternatives to foreclosure. The commission's review of the
process shall, at a minimum, examine whether the contact requirement
has resulted in an increase in the number of loan modifications and
whether additional statutory provisions, such as mandatory mediation,
are needed to produce effective communication between beneficiaries and
borrowers.
(2) The Washington state housing finance commission shall report
its findings and any recommendations for legislation to the appropriate
committees of the legislature by November 30, 2010.
(3) This section expires January 1, 2011.