![]() ![]() ![]() The bill unanimously passed the House and was referred to the Senate Consumer Protection and Housing Committee. Patricia Lantz, D-Gig Harbor, would help reduce foreclosure rescue schemes that include an option to allow the original homeowner to buy or lease back the property from a buyer. See related All Consuming blog post.Īttorney General Rob McKenna’s requested legislation to reduce foreclosure rescue scams survived today's committee cutoff. The announcements came just days after the State Foreclosure Prevention Working Group released a report showing that 7 out of 10 borrowers who were seriously delinquent on their home loans in October were not receiving help to prevent the possibility of foreclosure. Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc. During that time, administration officials say homeowners will have the opportunity to work out more affordable terms. Six of the nation's largest financial institutions agreed to place a freeze on all foreclosure action for 30 days. Your servicer may not start a new foreclosure (or if you are already in foreclosure, may not complete the foreclosure sale) so long as you pay your trial-period payments on time. Meanwhile, White House officials announced "Project Lifeline," a new program to help homeowners who face imminent foreclosure. The Seattle P-I reported that the program aims to help thousands of borrowers nationwide, including at least 1,000 in the Seattle area. ![]() The deal aims to help borrowers who are delinquent on their subprime loan payments find new, more affordable terms. and the Association of Community Organizations for Reform Now, better known as ACORN, announced a plan Monday to help distressed borrowers avoid foreclosure. ![]()
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