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The District of Columbia Department of Insurance, Securities and Banking (DISB) wants residents to be aware that the District’s foreclosure moratorium on residential mortgages expires on June 30, 2022.
On JUNE 30, 2022, the moratorium on residential foreclosures will expire. What does this mean for homeowners?
Step 1: Contact the Foreclosure Prevention Hotline at (202) 265-2255.Free HUD-approved housing counselors will assist District homeowners with preparing loss mitigation requests, contacting the mortgage servicer with the homeowner to determine what options are available, and exploring financial assistance programs available to District homeowners. Step 2: Communicate with your servicer.Take control by accepting calls from your mortgage servicer. Even better, call your mortgage servicer as soon as you know you can’t make your monthly payment. The phone number is on your monthly bill. Tell your servicer why you can’t make your monthly payment and ask the servicer for help avoiding foreclosure. Step 3: Be aware of scams.Scam artists try to take advantage of homeowners who get into trouble by charging a lot of money—even thousands of dollars—for false promises of help. You should not have to pay anyone to help you avoid foreclosure. The help you need is available at no cost to you from your servicer, or through a HUD-approved housing counseling agency. Find a HUD-approved housing counseling agency at consumerfinance.gov/find-a-housing-counselor. Step 4: Apply for help.Your loan servicer must contact you, provide you with accurate information, and tell you about your loss mitigation options. Loss mitigation refers to the ways your servicer can work with you to avoid foreclosure. If you send in a complete application to your mortgage servicer early enough, your mortgage servicer must tell you the options you have to keep your home, or if it makes more sense, to leave your home. Housing counselors have extensive experience helping people work on avoiding foreclosure. They can assist you with the complicated steps to understand your options and apply for help. Your mortgage servicer can’t make a first notice or filing for foreclosure until you are more than 120 days behind on your payments. In addition, when you submit a complete application for mortgage help early enough, the mortgage servicer can’t start the foreclosure process while you’re being evaluated or if you are following through on the requirements of a loan modification. Once HAF is fully implemented, apply for assistance on the DHCD website at https://dhcd.dc.gov/haf. Don’t wait, get it done today. The earlier you complete the application, the more protections you get. Report Fraud If you suspect someone who contacted you is a scammer, file a complaint with the DISB Enforcement and Consumer Protection Division at (202) 727-8000 or visit disb.dc.gov/page/consumer-services-division. If you, or someone you know, is experiencing mortgage problems, please contact Ben Arnold, DISB Foreclosure Prevention and Mediation Administrator, at (202) 442-7765 or via email at benjamin.arnold@dc.gov. You may also visit disb.dc.gov/page/foreclosure-prevention-program. DISB Mission Our mission is three-fold: (1) cultivate a regulatory environment that protects consumers and attracts and retains financial services firms to the District; (2) empower and educate residents on financial matters; and (3) provide financing for District small businesses. For the full release, please visit: disb.dc.gov/page/residential-mortgage-foreclosure-moratorium-expires-june-30-2022
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The District of Columbia's foreclosure moratorium on residential mortgages is set to expire on June 30, 2022. Homeowners should be aware that foreclosure proceedings will resume after this date, unless they are under review for the Homeowner Assistance Fund (HAF) administered by the Department of Housing and Community Development (DHCD). Mortgage payments are still due, and homeowners should be proactive in contacting the Foreclosure Prevention Hotline or their servicer to explore financial assistance programs and loss mitigation options. Homeowners should also be aware of scams and report any suspected fraud to the DISB Enforcement and Consumer Protection Division. 7/14/2023 12:23:16 pm
You should not have to pay anyone to help you avoid foreclosure. The help you need is available at no cost to you from your servicer, Thank you for making this such an awesome post! 11/12/2024 10:41:22 am
The expiration of the residential mortgage foreclosure moratorium on June 30, 2022, marked an important shift in housing policies following the COVID-19 pandemic. This change allowed foreclosures to resume, which had been temporarily halted to protect homeowners facing financial distress. For individuals impacted by this development, it's crucial to explore their options for avoiding foreclosure, including loan modifications, repayment plans, or seeking legal advice. 11/13/2024 09:16:12 am
This is an important update regarding the expiration of the residential mortgage foreclosure moratorium on June 30, 2022. The end of this moratorium signals a shift back to pre-pandemic foreclosure proceedings, impacting homeowners facing financial difficulties. Those who are struggling should seek professional advice and act promptly to explore options such as loan modifications, forbearance, or other alternatives to avoid foreclosure. 11/14/2024 10:09:31 am
The expiration of the residential mortgage foreclosure moratorium on June 30, 2022, marked a significant shift in housing policy following the pandemic's impact. This means that homeowners facing foreclosure must now navigate the traditional foreclosure process. It's important for those affected to explore all available options, including loan modifications, repayment plans, or seeking legal advice to avoid losing their home. 11/15/2024 09:10:11 am
The expiration of the residential mortgage foreclosure moratorium on June 30, 2022, marks a significant change for homeowners facing financial hardship. This blog post provides valuable insight into what the end of this protection means for both homeowners and lenders. It’s important for individuals affected by this change to understand their options, including seeking legal advice or exploring alternative foreclosure prevention strategies. 11/19/2024 09:41:48 am
This article discusses a significant milestone in foreclosure law. It’s important for homeowners to be aware of the expiration of this moratorium. Leave a Reply. |
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