Legislative Update
Washington State recently did two important changes to its Foreclosure procedures. The first is that tenants now get 60 days to vacate a residential rental property once it has been foreclosed. The requirement before was 20 days. In addition there has been a requirement by the lender that during the foreclosure process that it must make every reasonable effort to reach the borrower before a notice of default can be reached. This will probably add another 30 days to the foreclosure process. It also puts a lot of subtle pressure on a lender to modify the loan.  To supplement these efforts  Washington State Bar is will now be doing pro-bono work through its “Foreclosure Legal Aid” project to assist home owners in dealing with their lenders. However the bottom line is if you are in over your head look for the best way out. In my opinion doing a modification that adds to the length of the loan or worse yet increases the principle balance is not a viable solution for anyone.
The folks at Rain City Guide have a great post on all of this. Here is the link: http://www.raincityguide.com/2009/06/19/longer-waiting-period-to-evict-tenants-after-foreclosure-in-wa-state-effective-july-26-2009-and-free-legal-aid-for-wa-homeowners-facing-foreclosure/Â .
Hi!. Thanks for the info. I’ve been digging around looking some info up for shool, but there is so much out there. Google lead me here – good for you i suppose! Keep up the great information. I will be coming back over here in a couple of days to see if there is any more info.