Public Hearing Today On Washington State Foreclosure Rescue Bill

In Washington State, the following blurb is buried at the end of a page in The Olympian:

• A bill requested by Attorney General Rob McKenna aimed at preventing mortgage-foreclosure scams is scheduled for a public hearing. The Senate Committee on Consumer Protection and Housing will hear SB 6431 at 8:30 a.m. The bill 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, McKenna said. [...] The law would require that a written contract with terms be completed, signed and dated by the homeowner and the purchaser before the property's transfer; allow the foreclosed homeowner to cancel the contract within five days; and require that the purchaser demonstrate the former homeowner is able to meet the terms of the contract, including making interest and lease payments.

Source: McKenna Bill Heard.

Go here for SB 6431 (bill history, links to relevant documents) (entire text).

Go here for companion bill HB 2791 (bill history, links to relevant documents) (entire text).

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For story update (3-14-08), see Washington State Passes Foreclosure Rescue Legislation; Currently Awaits Governor's Signature.