We don’t judge you; we help you stop the foreclosure process, at the earliest. We listen to all that you have to say and ask, analyze your case and then provide you with options to build a strategy, most suitable to you. With a well-chartered plan in hand, we then approach your lender and negotiate on your behalf to help him stop the foreclosure process. Our credibility and years of experience helps us to solve your case much faster. Some of the ways in which
we stop the foreclosure process are:
Reinstatement Plan
Repayment Plan
Loan Modification
Loan Restructuring
Loan Refinance
Forbearance Agreement
Redemptions
Partial Claim
Pre-Foreclosure Sale
Short Sale
Deed-in-Lieu of Foreclosure
Columbia foreclosure laws & foreclosure news from Columbia
- Judicial Foreclosure Available: No
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of Trust
- Timeline: Typically 60 days
- Right of Redemption: No
- Deficiency Judgments Allowed: Yes
In Washington D.C., lenders may foreclose on deeds of trusts in default using the non-judicial foreclosure process.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed.
If the terms of the sale are not established in the deed of trust, the lender, or his representative, must obtain a court order specifying the terms of the sale.
However, no foreclosure sale may take place unless the lender gives written notice, by certified mail (return receipt requested), to the borrower at his last known address. This notice must also be sent to the Mayor of the District of Columbia, or his designated agent. Both notices must be sent at least thirty (30) days prior to the sale, with the thirty (30) day period beginning on the day the notice is received by the Mayor. This notice must be given in addition to any notices set forth by the court, the mortgage or the deed of trust.
In Washington D.C., lenders may obtain a deficiency judgment against the borrower for the difference between the foreclosure sale amount and the amount remaining on the original loan. The borrower has no rights of redemption.
