District of Columbia Sample Letter for Judicial Foreclosure
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How to fill out Sample Letter For Judicial Foreclosure?
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FAQ
Call the DC Foreclosure Prevention Hotline at (202) 265-2255, Monday through Friday from 9 a.m. to 5 p.m., to register for a ?Foreclosure Prevention Clinic?. You can also sign-up on Housing Counseling Services' website.
Foreclosures in Washington, D.C. can be judicial (through the court) or nonjudicial (an out-of-court process). In the past, most foreclosures in the District of Columbia were nonjudicial.
Judicial foreclosure is the process where the lender files a complaint against the borrower in the DC Superior Court to obtain a judgment of foreclosure. As a result, the borrower will receive the Initial Order, a Summons, and a Complaint.
How Nonjudicial Foreclosures Work in Washington, D.C. The lender mails a notice of default to the borrower, which includes the amount required to reinstate the loan. The lender must also record the notice of default in the land records, which is the first official step in the nonjudicial process.
Technically, a property in Washington D.C. could be foreclosed in about 30 days. However, the typical period for foreclosure is usually closer to 45-60 days.
While the process varies by state, in general lenders pursue the following course of action to initiate a judicial foreclosure: Notice of intent: Once a mortgage is unpaid for 120 days, the lender informs the borrower by mail that foreclosure proceedings will begin.
Ways to Stop Foreclosure in Washington, DC Declare Bankruptcy. Yes, bankruptcy is a way through which foreclosure can be stopped. ... Applying for Loan Modification. ... Reinstating Your Loan. ... Plan for Repayment. ... Refinancing. ... Sell Out Your Home. ... Short Sale. ... Deed In Lieu of Foreclosure.
You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.
