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Can you summarize 26 DCMR C27?
BANKING AND FINANCIAL INSTITUTIONS > FORECLOSURE MEDIATION
Short Summary
The provided legal document content pertains to the foreclosure mediation rights and procedures for residential mortgages in the District of Columbia. It is governed by the District of Columbia Municipal Regulations, specifically 5 DCMR 2100. The regulations apply to parties involved in foreclosure proceedings for residential mortgages in the District of Columbia, except for foreclosures by a condominium association against an owner or housing cooperative association against a member when the foreclosure is brought for a reason other than default on a residential mortgage. The regulations require the completion of forms or other documents for certain activities covered by the Act, which must be done using forms prescribed or authorized by this chapter and found on the Department of Insurance, Securities and Banking’s website. The document outlines the requirements for providing a Notice of Default on Residential Mortgage (Form FM-1) in the context of foreclosure mediation. Lenders are required to mail a completed copy of the Notice of Default on Residential Mortgage to each borrower’s last known address and the property subject to the mortgage. Additionally, certain documents, including the Notice of Default on Residential Mortgage and the Mediation Election Form (Form FM-2), must be recorded with the District of Columbia Office of the Recorder of Deeds within ten business days of mailing the Notice of Default. Failure to comply with these requirements may render a Notice of Intention to Foreclose a Residential Mortgage null and void. The document also provides guidance on the content that may be included in the Notice of Default on Residential Mortgage, such as the lender’s contact information, the borrower’s name and address, and the method of delivery. The document does not mention any specific penalties or exemptions.
Whom does it apply to?
Parties involved in foreclosure proceedings for residential mortgages in the District of Columbia
What does it govern?
Foreclosure mediation rights and procedures for the exercise of power of sale of a residential mortgage
What are exemptions?
Foreclosures by a condominium association against an owner or housing cooperative association against a member when the foreclosure is brought for a reason other than default on a residential mortgage
What are the Penalties?
Specific penalties are not mentioned in the document.
Jurisdiction
Washington, D.C.