Foreclosure Listings in Washington, D.C. Key Terms

Learn terms that describe the types of foreclosures found in Washington, D.C.
By Kimberly Huber Foreclosures occur when a lender, bank or other lien holder, such as a government entity, repossesses real property in the case of a default on the loan or lien. Usually, a homeowner falls behind on mortgage payments and the bank forecloses on the home. Sometimes the government forecloses on a home when a property owner fails to pay property taxes. The following key terms can help you understand the various types of foreclosures that take place Washington, D.C.

Non-judicial foreclosure

Most foreclosures in Washington, D.C. are non-judicial foreclosures. These can happen when a mortgage contract includes a clause allowing the lender to pursue a sale, or foreclosure, on the property held as collateral for the loan. In this case, the foreclosure proceeds without a court hearing.
Try:  Foreclosure Listings offers more information on Washington, D.C., non-judicial foreclosures.

VA foreclosure

These are foreclosures on properties that the Department of Veterans Affairs has guaranteed or financed. The VA is the lender in this instance and contracts with a trustee to market and sell foreclosed properties.
Try:  See the Department of Veterans Affairs for more details, or see REOTrans.com for the VA foreclosed property listings.

Trustee and trustee sale

A trustee is the agent for the lender. This agent, or trustee, holds the property in trust and conducts the foreclosure sale. A trustee sale is a foreclosure sale done by the trustee, usually at public auction.
Try:  Foreclosure.com offers a listing of foreclosure properties in the U.S. and information on each state's foreclosure laws.

Notice of sale or auction

In the District of Columbia, the notice of sale is required. This notice is sent to the defaulting party, and the actual sale or auction itself cannot be fewer than 18 days from its initial publication in a local paper. At the same time, the notice of sale must also be posted at the property.
Try:  RealtyTrac details the foreclosure process in Washington, D.C.

Real-estate-owned (REO) or bank-owned

REOs are lender-owned properties that have already been repossessed from the defaulting borrower, and many people believe them to be good investments. The perception is that banks will negotiate down to lower prices in order to get rid of the properties, as they do not want to be in the real estate business.
Try:  Countrywide Bank is a lender that offers REOs for sale in Washington, D.C.

Tax lien foreclosure and government auction

These foreclosures occur in Washington, D.C., when property taxes go unpaid. Washington, D.C., laws allow the government to auction off these tax-delinquent properties.
Try:  BankForeclosuresSale.com offers a description of the tax lien foreclosure process and gives a list of Washington, D.C. foreclosures.