§ 42-2431 — Definitions.

District of Columbia § 42-2431

• Jurisdiction: District of Columbia
• Title 42: Real Property.
• Ch. 24A: Foreclosure Rescue Prohibited.

Text

For the purposes of this chapter, the term:

(1) “Foreclosure rescue service” means any good or service related to or promising assistance in connection with:

(A) Avoiding or delaying actual or anticipated foreclosure proceedings concerning residential property; or

(B) Curing or otherwise addressing a default or failure to timely pay with respect to a residential mortgage loan obligation.

(2) “Foreclosure rescue transaction” means a transaction involving the transfer of title to real property, or an interest in the property, by a homeowner during or incident to a mortgage default, foreclosure, or tax sale proceeding, either by transfer of any interest from the homeowner to another party or by creation of a mortgage, trust, or other lien or encumbrance during the foreclosure process; provided, that the transaction includes the subsequent conveyance, the promise of a subsequent conveyance, or a right to a subsequent conveyance of an interest back to the homeowner from the acquirer or a person acting in participation with the acquirer, including an interest in a contract for deed, purchase agreement, land installment sale, contract for sale, option to purchase, sale/leaseback, trust, or other contractual arrangement.

Legislative History

Jan. 29, 2008, D.C. Law 17-87, § 2, 54 DCR 11913