43.320.160 - Prevent or reduce owner-occupied foreclosure program -- Report. - Washington Statutes

Prevent or reduce owner-occupied foreclosure program — Report. (Effective until June 30, 2011.)

(1) The prevent or reduce owner-occupied foreclosure program is created in the department to assist borrowers facing foreclosure in achieving work-outs, loan modifications, or other results that keep them in their homes. The borrowers are households, families, and individuals who are residents of Washington state, with an emphasis on borrowers with incomes up to one hundred forty percent of median income level of the county in which the borrower resides.

     (2) The department shall enter into an interagency agreement with the Washington state housing finance commission to implement and administer this program with moneys from the account created in RCW 43.320.165. The Washington state housing finance commission will request funds from the department as needed to implement and operate the program.

     (3) The commission shall, under terms and conditions to be determined by the commission, in consultation with the department, assist homeowners who are facing foreclosure in achieving work-outs, loan modifications, or other results that keep them in their homes. Moneys may also be used for outreach activities to raise awareness of this program; creating and maintaining a pool of volunteers consisting of attorneys, accountants, banking professionals, mortgage brokers, housing counselors, and other relevant professionals who participate in the program as needed and without compensation to provide advice and representation to the borrower in achieving work-outs, loan modifications, or other results that keep them in their homes; and administering assignments of volunteers to borrowers in the most productive manner. Not more than four percent of the total appropriation for this program may be used for administrative expenses of the department and the commission.

     (4) The commission must provide an annual report to the legislature at the end of each fiscal year of program operation. The report must include information determined by the prevent or reduce owner-occupied foreclosure oversight committee established under *section 4 of this act to be useful in assessing the success of the program. The commission shall establish and report upon performance measures, including measures to gauge program efficiency and effectiveness and customer satisfaction.

     (5) For the purposes of this section, "work-out" means an agreement made between the borrower and the mortgagee or beneficiary under a deed of trust, or with the authorized agent of the mortgagee or beneficiary, that results in the borrower's continued residence in the mortgaged residential property.

[2009 c 386 § 1; 2008 c 322 § 1.]

Notes: *Reviser's note: Section 4 of this act was vetoed.