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Washington DC foreclosure mediation.

A new law has been passed in Washington DC that will help people who are facing foreclosure. This law will allow for mediation between the person and their lender, which could help to prevent the person from losing their home. The act is called the Saving D.C. Homes from Foreclosure Emergency Amendment Act of 2010. The new program will mediate between the borrower and lender before a foreclosure can happen. This law is designed to protect homeowners from losing their homes to foreclosure.

Find a list of HUD-certified housing counselors in the Washington, D.C. area, and learn about the assistance they can provide to homeowners.

Details of the Washing DC foreclosure mediation program

The law only applies to houses/homes. Residential property refers to houses, condos, and other types of real estate that have four or fewer single-family homes. This means that the home must be the primary residence of the borrower or their family, and it can’t be their second home.

The purpose of the foreclosure mediation law is to enable a homeowner to have a meeting with a professional mediator or housing counsellor, and/or the lender, to discuss alternatives to foreclosure such as loan modification, refinancing the mortgage, or a short sale.

The mediation process provides a structure for having a conversation where each person gets to share their perspective, and then collaboratively come to an agreement. If a bank or lender wants to foreclose, they first need to send the homeowner a notice of default by first-class mail and certified mail. The letter should explain the foreclosure mediation process. The new method of communication for Washington DC homeowners is a significant change and is mainly due to the fact that borrowers must be notified of any defaults and their right to mediation under applicable laws and regulations.

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