D.C. Mun. Regs. tit. 26, r. 26-C2701

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 26-C2701 - NOTICE OF DEFAULT ON RESIDENTIAL MORTGAGE

2701.1

The requirement in the Act that a Notice of Default on Residential Mortgage (Form FM-1) be provided by a lender to each borrower as a condition of issuance of a Notice of Intention to Foreclose a Residential Mortgage shall be satisfied by:

(a) Mailing a completed copy of a Notice of Default on Residential Mortgage (Form FM-1) to the last known address and the property subject to the residential mortgage to each borrower for the real property for which the Notice of Default on Residential Mortgage (Form FM-1) is being issued; and

(b) Recording with the District of Columbia Office of the Recorder of Deeds the documents required in subsection 2701.4.

2701.2

A Notice of Default on Residential Mortgage (Form FM-1) may contain:

(a) The Lender's letterhead, including name and contact information;

(b) The date;

(c) The borrower's name and mailing address; and

(d) Method of delivery.

2701.3

A Notice of Intention to Foreclose a Residential Mortgage shall be null and void with respect to a foreclosure of a residential mortgage unless a Notice of Default on Residential Mortgage is mailed to each borrower, as Section 539(c) of the Act (D.C. Official Code § 42-815(c)) and this chapter require, and the lender receives a Final Mediation Certificate provided pursuant to Section 539 b of the Act (D.C. Official Code § 45-815.02) and this chapter, and records the Final Mediation Certificate at the District of Columbia Office of the Recorder of Deeds, prior to or contemporaneously with recording the Notice of Intention to Foreclose a Residential Mortgage.

2701.4

The following documents shall be recorded with the District of Columbia Office of the Recorder of Deeds within ten (10) business days of the date of mailing of the Notice of Default on Residential Mortgage, unless the Mediation Administrator concludes that there was good cause for failing to record these documents within the required time period:

(a) The Notice of Default on Residential Mortgage, and any supplement to the Notice of Default on Residential Mortgage; and

(b) The Mediation Election Form (Form FM-2).

D.C. Mun. Regs. tit. 26, r. 26-C2701

Emergency and Proposed Rulemaking published at 58 DCR 2958 (April 8, 2011)[EXPIRED]; as amended by Emergency and Proposed Rulemaking published at 58 DCR 8247 (September 23, 2011)[EXPIRED]; as amended by Final Rulemaking published at 58 DCR 11469 (December 30, 2011); as amended by Final Rulemaking published at 61 DCR 6390 (June 27, 2014)

Authority: Section 539 b of An Act to establish a code of law for the District of Columbia, approved March 3, 1901 (31 Stat. 1189; D.C. Official Code § 42-815.02(j) (2012 Repl.)), and Mayor's Order 2011-51, dated March 2, 2011.