Kitsap Homeowners Feel the Pain of Subprime Loans

To keep things from getting worse here, Gov. Gregoire last week authorized $1.5 million for counseling and education for people so they can avoid bad home loans, and for those struggling with ones they no longer can afford. State Sen. Derek Kilmer, D-Gig Harbor, was one of the sponsors of the legislation. The Washington State Housing Finance Commission will dole out the funds to trusted community agencies who will sponsor the counseling and education, now absent in many communities.

With education, prospective homebuyers can understand the types of loans they agree to before it’s too late. The counseling will also focus on homeowners in default or foreclosure.