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Current as of January 01, 2024 | Updated by FindLaw Staff
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.
Cite this article: FindLaw.com - District of Columbia Code Division VII. Property. § 42-2431. Definitions. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-vii-property/dc-code-sect-42-2431/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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