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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Nonjudicial: under power of sale in deed of trust |
| Time to respond | Before sale, foreclosing party must send 30-day notice of sale to homeowner by registered or certified mail and send a copy of the notice to the DC mayor. The 30-day period begins when the mayor receives notice. |
| Reinstatement of loan before sale | Allowed up to five days before the sale, once in two consecutive years |
| Redemption after sale | No |
| Special protections for foreclosures involving high-cost mortgages | None |
| Special state protections for service members | None |
| Deficiency judgments | May be obtained by filing a lawsuit |
| Cash exempted in bankruptcy | About $11,000 for one person, $22,000 for a married couple under federal bankruptcy exemptions |
| Notice to leave after house is sold | DC law does not specify an amount of notice that must be given before former owner can be evicted. Ask a resource (see Ch.10) about local practice. |
| Foreclosure statute | D.C. Code Ann. § 42-815 |