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What happens during a Washington, D.C., foreclosure?

Numbers can be deceiving. According to a recent report from 24/7 Wall St., Washington, D.C. had the lowest number of foreclosures in November of last year, which is the most recent data available. However, when looking at the percentage of mortgaged properties, D.C., had the largest foreclosed inventories.

Nationally, the number of foreclosed homes has declined, but there are still tens of thousands of people facing the process. If you find yourself in a situation in which you may lose your home, you should know what to expect.

Most people in D.C. go through a nonjudicial foreclosure. Through this process, the party foreclosing on your home must send you a notice of a default that gives you 30 days to elect mediation. If you choose mediation, you may be able to avoid the foreclosure through developing a loan modification or other arrangement.

If you do not elect mediation or the mediation cannot avoid foreclosure, then you will receive a notice of the intention to foreclose 30 days prior to the sale. In many cases, the party that handles the foreclosure process will have to publicly advertise the sale.

Under D.C. law, you are eligible for reinstatement up to five business days before the sale on your home. This gives you a chance to catch up on your payments. However, you are not able to reinstate more than once during two consecutive calendar years. Additionally, you may not re-purchase the home after a foreclosure sale.

While this information may be useful, it should not be taken as legal advice.

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