Friday, November 19, 2010

BREAKING NEWS: DC passes "Saving D.C. Homes from Foreclosure Emergency Act of 2010"

On Wednesday, the District of Columbia enacted the "Saving D.C. Homes from Foreclosure Emergency Act of 2010." The key provision of which all of us dealing with DC real estate purchases must be aware is that for all foreclosure sales occurring November 17th or after, a "Mediation Certificate" must be recoded among the DC Land Records PRIOR TO the issuance and recordation of the Notice of Foreclosure.

Foreclosure attorneys, title agents and title insurance companies are all working diligently to see exactly what this means for DC foreclosures, but as this "Mediation Certificate" has yet to be created (to our knowledge), there seems to be a gap between what the law requires and what can practically be done to effectively foreclose on a DC property.

Again, as with any of these DC Foreclosure developments, the situation is very dynamic and fluid. As we receive more clarification and direction, we will pass that information along. To see all of our updates on Foreclosures, click here.