Wood preservatives, methods for protecting wood and wood-based products and/or structures utilizing the preservatives, and treated wood and wood-based articles and/or structures incorporating the preservatives are described. Methods are also provided for remediating structures already infected with mold. The subject wood preservative formulation includes a borate compound and a fatty acid. The addition of an emulsifier to the formulation further facilitates application of the treatment. The combination of a borate compound and fatty acid combination typically provide a synergistic effect compared to the additive result provided by the combination's individual components.