Washington Foreclosure Protection Bill Headed For Public Hearing

admin —  January 19, 2009 — 2 Comments

A bill requested by Attorney General Rob McKenna that would protect Washington consumers is scheduled for public hearings. The bill seeks to protect Washington residents from mortgage foreclosure scams.

Last year the Legislature passed a law that governs transactions between purchasers and homeowners whose homes are in foreclosure or in danger of foreclosure. The proposed bill, requested by the Attorney General’s Office, Department of Licensing and Department of Financial Institutions, seeks to exempt licensed real estate agents from the definition of a “distressed home consultant” and provides a safe harbor for those purchasing a distressed home outright within 20 days of the foreclosure sale.

The House Judiciary Committee has scheduled a public hearing concerning HB 1132 at 1:30 p.m. Monday, Jan. 19, in the John L. O’Brien building, House Hearing Room A.

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2 responses to Washington Foreclosure Protection Bill Headed For Public Hearing

  1. I have been in a case for the past 3 years on mortgage fraud. There has been foregery, appraisers not doing there job right, a notory disapearing, no power of atterny, a tilte company that did not do there job right, a lawyer for the so call new owners bank aproveing the documents, with out power of atterney, a mortgage company doing the deal which did not own the note for the mortgage.
    I would like to see a law made up that the title company has to be licensed in each and every state. All the documents have to be notorys with power of attorney, for each and every document if the owner can not be there, and profe of the loan companys speaking to the owner before they exspect power of attorney.Mortgage companys how owned a mortgage and sold the note to another company not be able to excpect a negoance for a settlement. Mortgages paid off no more then the price they have loant. Have a survey for the ex-owner to have to answer before the new owner can get there mortgage for that house. Send out warnings to these so call books on how to buy a house in foreclouser.

  2. Much needed bill, the original bill suffered from unintended consequences and set realtors up for potenatial disaster if they accepted a listing or tried to help sell a distressed property. While the original bill had good intentions, it also carreid some very heavy unintended consequences that opened the door for realtor agents to get sued and a lot of real estate brokers refused to accept distressed sale listings, further compounding the homeowners problems in trying to sell the property prior to foreclosure.

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