AG Ferguson: Foreclosure moratorium ended July 31, free counseling available statewide for at-risk homeowners

OLYMPIA — After the federal foreclosure moratorium ended on July 31, 2021 Attorney General Bob Ferguson is offering guidance and resources to Washington homeowners about the availability of housing counseling services. 

Ferguson is encouraging homeowners need to act now to learn what post-forbearance options they may have based on the type of loan they have. Housing counselors can assist homeowners to navigate new federal rules and assistance programs that take effect at the end of August to help people keep their homes.

Homeowners may need help understanding their mortgage documents or what options they have before talking to their mortgage servicer. The Washington Homeownership Resource Center offers free or low-cost resources, including housing counseling, at https://www.homeownership-wa.org/ or by calling 1-877-894-HOME (4663).

New Consumer Financial Protection Bureau (CFPB) rules that take effect August 31 will require servicers to offer more post-forbearance options to homeowners. For some homeowners, these options could include:

• Apply to have their loan interest rate reduced
• Extend the term of their loan
• Reduce their monthly paymentsServicers that fail to comply could be in violation of Washington’s Consumer Protection Act, which the Attorney General’s Office enforces.

“There are now many options available to homeowners in need of assistance so they don’t lose their homes,” Ferguson said. “Homeowners experiencing financial difficulties should contact a home counselor for free today. People have expanded options to get the assistance they need.”

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