Washington Real Estate Mortgage Foreclosure Initiative (2010)
| Not on Ballot |
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| This measure was not put on an election ballot |
The Washington Real Estate Mortgage Foreclosure Initiative, also known as I-1104, did not appear on the November 2, 2010 ballot in Washington as an Initiative to the People. The proposed measure would have prohibited financial institutions from foreclosing certain mortgages without first offering debtors options.[1] According to state officials, no petitions were filed in an effort to qualify the measure for the ballot.
Text of measure
Title
The ballot title read:[1]
- Statement of Subject: Initiative Measure No. 1104 concerns real estate mortgage foreclosures.
- Concise Description:This measure would bar financial institutions from foreclosing certain mortgages without first offering debtors options to reduce the interest rate or the amount owed. It would apply retroactively to properties foreclosed but unsold.
- Should this measure be enacted into law? Yes [ ] No [ ]
Summary
According to the description prepared by the Washington Secretary of State:
This measure would prevent financial institutions from foreclosing on certain real property if the debtor could make timely payments by exercising either of two options: reducing the balance owing on the loan to the current market price, or reducing the interest rate by two percent (but not to less than four percent). The financial institution would be required to allow the debtor ninety days to exercise one or both options (depending on the property involved).
Path to the ballot
- See also: Washington signature requirements
According to state officials, no petitions were filed in an effort to qualify the measure for the ballot. In order to qualify for the November ballot, supporters were required to submit a minimum of 241,153 valid signatures by July 2, 2010.
See also
External links
Additional reading
Footnotes
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State of Washington Olympia (capital) |
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