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Mediation is An Option For Homeowners Facing Foreclosure in D.C.

Kate Hartig, public information officer, Department of Insurance, Securities and Banking | 6/12/2013, 3 p.m.
Are you a District of Columbia homeowner facing foreclosure? If so, the city has a foreclosure mediation program that could ...

How long does mediation take?

It can take up to 90 days, and be extended 30 days if the parties agree they need more time.

I received a notice of default and want to mediate. What do I do?

You need to fill out the mediation election form and loss mitigation form and send them with a check or money order made payable to the DC Treasurer to the mediation administrator at the Department of Insurance, Securities and Banking, and also send copies of the forms to the lender. Please see HYPERLINK "http://disb.dc.gov/node/320972"this link on our website for all the details.

Is there a cost to mediate?

The homeowner pays $50. The lender pays a $300 fee.

You can find more information on HYPERLINK "http://disb.dc.gov/node/320972"disb.dc.gov at this link or you can contact the foreclosure mediation administrator Ben Arnold at HYPERLINK "mailto:DISB.mediation@dc.gov"DISB.mediation@dc.gov or by phone at (202) 442-7878.

About the Department of Insurance, Securities and Banking

The District of Columbia's Department of Insurance, Securities and Banking regulates the city's financial-services businesses. It has two missions: to effectively and fairly regulate financial services to protect the people of the District; and to attract and retain financial-services businesses. For more information, visit disb.dc.gov.