Facing foreclosure? New help is available.
- A new state law requires lenders to notify borrowers prior to foreclosure of the availability of foreclosure counseling and the potential for mediation. Foreclosure mediation will begin July 22, 2011. Homeowners who wish to participate in mediation must be referred by a housing counselor or an attorney. Information about the program is available at www.homeownership.wa.gov or download this handout (PDF). For referral to a free, state-approved housing counselor, call 1-877-894-HOME.
- The U.S. Department of Housing and Urban Development is offering interest-free loans of up to $50,000 to certain Washington residents to help pay mortgage bills for up to two years. The program provides zero-interest loans to homeowners who have experienced a substantial loss of income due to involuntary unemployment or underemployment or a medical emergency. Homeowners have until July 22, 2011, to "pre-apply" for the funding through the Emergency Homeowners' Loan Program (EHLP). Learn more about the loan program during free workshops today and Saturday in Tacoma.