Maintaining funding and assistance for homeowners navigating the foreclosure process.
Summary
Extends the mediation and certain other pre-foreclosure requirements under the Deeds of Trust Act and the Foreclosure Fairness Act (FFA) to residential real property of up to four units and removes the requirement that a property be owner-occupied.
Modifies the mediation exemption under the FFA for the 2021 and 2022 calendar years to provide that whether or not a beneficiary must participate in mediation is determined by the number of the beneficiary's trustee sales that occurred in 2019.
Modifies the remittance exemption under the FFA for the 2021 and 2022 calendar years to provide that whether or not a beneficiary must remit a fee is determined by the number of notices of trustee's sale that were recorded on its behalf in 2019.
Shifts the remittance requirement and exemption to be based on the number of issued notices of default rather than notices of trustee's sale.
From the Engrossed Substitute House Bill Report (ESHB 1108), written by the Legislature's nonpartisan staff. Read the full report ↗