District of Columbia Servicing Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| Foreclosure Mediation Rules / D.C. Mun. Regs. tit. 26C, §27-2722.1 | Application for Final Mediation Certificate Due to Breach | A lender that alleges the borrower has breached a settlement agreement executed between the lender and the borrower may apply for a Final Mediation Certificate by filing an Application for Final Mediation Certificate Due to Breach. |
| Foreclosure Mediation Rules / D.C. Mun. Regs. tit. 26C, §27-2703.3 | Borrower Assistance and Resource Info Form | Each Notice of Default mailed to a borrower must be accompanied by the following: (a) Borrower Assistance and Resource Info Form, with all the information to be provided by the lender; (b) a statement recommending that the borrower seeks housing counseling services; (c) contact information for at least 1 local housing counseling agency approved by the U.S. Department of Housing and Urban Development; (d) contact information which the borrower may use to reach the lender or an agent of the lender with authority to explain the median process; (e) a description of all loss mitigation programs available from the lender and applicable to the residential mortgage for which the Notice of Default is being issued; (f) Loss Mitigation Program Application; (g) instructions for completing and mailing the Loss Mitigation Program Application; (h) Foreclosure Mediation Election Form; (i) a preaddressed envelope for the borrower to return a copy of Foreclosure Mediation Election Form and the Loss Mitigation Program Application to lender; and (j) a preaddressed envelope for the borrower to return the Foreclosure Mediation Election Form to the Mediation Administrator (Administrator). With respect to item (e) above, for each loss mitigation program, the lender must provide a description of the eligibility requirements and documentation necessary for the programs. |
| D.C. Code Ann. §42-818.02(d) | Certificate of Satisfaction | If a promissory note is paid or satisfied in full, the holder shall, within 30 days after receipt of such payment or within 30 days after such satisfaction, execute, acknowledge, and deliver, or cause to be executed, acknowledged and delivered, to the person making such payment or causing such promissory note to be satisfied, one or more of the documents, instruments and affidavits, in one of the forms permitted by subsection (c) of this section, sufficient to release the deed of trust securing such promissory note as a lien against the real property described in the deed of trust. |
Foreclosure Mediation Rules / D.C. Mun. Regs. tit. 26C, §27-2712.1 | Declaration of Representation and Authority | Each party must attend each scheduled mediation or other required meeting. A mediation party does not need to attend the mediation if: (1) the mediation party sends a representative on its behalf; (2) the representative meets the requirements set forth in D.C. Mun. Regs. tit. 26C, §27-2712.3; and (3) the mediation party, along with the representative, executes a Declaration of Representation and Authority. |
| Foreclosure Mediation Rules / D.C. Mun. Regs. tit. 26C, §27-2703.3 | Foreclosure Mediation Election Form | Each Notice of Default mailed to a borrower must be accompanied by the following: (a)Borrower Assistance and Resource Info Form, with all the information to be provided by the lender; (b)a statement recommending that the borrower seeks housing counseling services; (c)contact information for at least 1 local housing counseling agency approved by the U.S. Department of Housing and Urban Development; (d)contact information which the borrower may use to reach the lender or an agent of the lender with authority to explain the median process; (e)a description of all loss mitigation programs available from the lender and applicable to the residential mortgage for which the Notice of Default is being issued; (f) a complete Loss Mitigation Application; (g)instructions for completing and mailing the Loss Mitigation Application; (h)Foreclosure Mediation Election Form; (i)a preaddressed envelope for the borrower to return a copy of Mediation Election Form and the Loss Mitigation Application to the lender; and (j)a preaddressed envelope for the borrower to return the Mediation Election Form and a copy of the Loss Mitigation Application to the Mediation Administrator. |
| Foreclosure Mediation Rules / DC Code § 42–815.02(5) | Foreclosure Mediation Extension Form | (5) Mediation shall be concluded within 180 days of the mailing of the form required by subsection (b) of this section, unless extended for an additional 30 days by the mutual consent of both parties. |
| DC Mortgage Lenders and Brokers Act | D.C. Code Ann. §28-3310(b) | Late Payment Fees | (b) No delinquent or late charge shall be contracted for or received which does not meet all of the following requirements: (1) the delinquency shall have continued for at least 10 calendar days; (2) a delinquent or late charge shall not have already been charged for the same delinquent or late periodic installment; and (3) the delinquent or late charge shall not exceed 5% of the total amount of the delinquent or late periodic installment of principal and interest. |
| Foreclosure Mediation Rules / D.C. Mun. Regs. tit. 26C, §27-2703.8 & D.C. Mun. Regs. tit. 26C, §27-2703.10 | Lender Foreclosure Mediation Agent Contact Form | A Notice of Default submitted to the Administrator must be accompanied with a completed Lender Foreclosure Mediation Agent Contact Form, which requires the lender to provide the name and contact information for the individual or business group responsible for coordinating the default and foreclosure process. The Notice of Default must also include: (a)a recorded copy of the mortgage or deed of trust; (b)a true copy of the note secured by the mortgage showing a proper chain of endorsements, or an Affidavit of Acknowledgement of Note Ownership or similar document signed by the foreclosing lender or its agent stating that the foreclosing lender is the holder of the note; (c)a true copy of every recorded assignment of the mortgage vesting of record the beneficial interest of the foreclosing lender; (d)the name of the holder of the note; (e)the location of the note; and (f)a true copy of all pooling and servicing or other similar agreements affecting the residential mortgage that pertain to the loss mitigation programs offered and loss mitigation analysis. |
| Foreclosure Mediation Rules / D.C. Mun. Regs. tit. 26C, §27-2703.3 | Loss Mitigation Program Application | Each Notice of Default mailed to a borrower must be accompanied by the following: (a)Borrower Assistance and Resource Info Form, with all the information to be provided by the lender; (b)a statement recommending that the borrower seeks housing counseling services; (c)contact information for at least 1 local housing counseling agency approved by the U.S. Department of Housing and Urban Development; (d)contact information which the borrower may use to reach the lender or an agent of the lender with authority to explain the median process; (e)a description of all loss mitigation programs available from the lender and applicable to the residential mortgage for which the Notice of Default is being issued; (f) a complete Loss Mitigation Application; (g)instructions for completing and mailing the Loss Mitigation Application; (h)Foreclosure Mediation Election Form; (i)a preaddressed envelope for the borrower to return a copy of Mediation Election Form and the Loss Mitigation Application to the lender; and (j)a preaddressed envelope for the borrower to return the Mediation Election Form and a copy of the Loss Mitigation Application to the Mediation Administrator. With respect to item (e) above, for each loss mitigation program, the lender must provide a description of the eligibility requirements and documentation necessary for the programs. |
| Foreclosure Mediation Rules / D.C. Mun. Regs. tit. 26C, §27-2703.1 | Notice of Default on Residential Mortgage | In the case of a residential mortgage, as a condition of issuance of the notice to foreclose, a foreclosure sale under a power of sale provision contained in any security instrument may not take place unless the holder of the note provides a written Notice of Default on a residential mortgage to the person who holds the record of title of the real property encumbered by the security instrument. The Notice of Default must be sent postage prepaid, first-class certified mail, and return receipt requested to each borrower and, if different from the borrower, to the person who holds record title of the real property encumbered by the security instrument, at the last known address. A copy of the Notice of Default must be sent to the Mayor and a Mediation Certificate must be obtained. |
| Foreclosure Mediation Rules / D.C. Mun. Regs. tit. 26C, §27-2728.1 | Notice of Intention to Foreclose a Residential Mortgage | The holder of a note secured by a deed of trust, mortgage, or security instrument, or the agent of any such holder, must at least 30 days in advance of any sale of the real property, send to the borrower(s) of the real property encumbered by the deed of trust, mortgage, or security instrument, by first-class certified mail, postage prepaid, return receipt requested, and by first-class mail, a Notice of Intention to Foreclose a Residential Mortgage to his or her last known address. |
| Real Property Laws / D.C. Code Ann. §42-815.01 | Right to Cure Mortgage Foreclosure Default | At any time up to 5 business days prior to the commencement of bidding at a trustee sale or other judicial sale on a residential mortgage obligation, the debtor or anyone on his behalf, not more than 1 time in any 2 calendar years, may cure the default and prevent the sale or other disposition of the real estate by tendering the amount. To cure a default, a residential mortgage debtor must: (1) pay or tender in the form of cash, cashier's check, or certified check all sums, including any reasonable late penalty, required to bring the account current, with the exception of any amounts due by operation of any acceleration clause that may be included in the security agreement; (2) perform any other obligation which he would have been bound to perform in the absence of default or in the absence of the exercise of an acceleration clause, if any; and(3)pay or tender any expenses properly associated with the foreclosure and incurred by the mortgagee to the date of debtor's payment or tender under this section. These costs and expenses may include, but not be limited to, advertising fees, trustee fees, and reasonable attorney's fees. |