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DC Mayor Enacts New Law Aimed at Slowing Local Foreclosures

WashingtonDC.jpgLast week, Washington, D.C. Mayor Adrian M. Fenty signed into law an emergency act aimed at slowing the dramatic rate at which homes in the District of Columbia are being foreclosed upon. The Act, titled “Saving DC Homes From Foreclosure Emergency Act of 2010” puts into place several key processes that lenders and homeowners must complete before a foreclosing on a home and proceeding to a foreclosure sale.

One such process the Act creates is a mandatory foreclosure mediation program, much like the one created in Florida, whereby lenders and homeowners must meet before the lender can proceed with the foreclosure action. Delinquent borrowers have 30 days from the initial notification to opt into the mediation program and pay the $50 fee. If a borrower elects to not participate in the program the foreclosure and accompanying foreclosure sale can proceed but it a completed foreclosure or a foreclosure sale is completed before the entire process is complete it will be considered null and void.

With this new law Washington, DC joins an ever-growing group of states that are requiring processes where lenders and willing homeowners to explore foreclosure alternatives before a house can be foreclosed on and sold. If you are facing a Florida Foreclosure Lawsuit and wanted to find out what foreclosure alternative options may be available to save your home, contact a Jacksonville Bankruptcy and Foreclosure Defense Lawyer today.

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