How to Stop Foreclosure in Delaware

How to Stop Foreclosure in Delaware
Foreclosure is one of the most dreadful things you can be faced with when it comes to matters of owning a home because this is a process that actually revokes all your rights to a home that you have been living in or have been paying for some time now. This means that if you have already shelled out a certain amount of money, you wouldn’t want your investment to be put to waste.

Foreclosure is tricky because it can happen to anyone faced with a situation wherein you find yourself unable to pay for your dues and mortgages. This simply means that you would no longer have to pay for anything but would also mean that you no longer have a property or investment under your name.

Basically, foreclosure takes place after you’ve missed out on your payment dues after a couple of days. Worse, it happens and happens quite rapidly for people who avoid contacting their lenders or banks to discuss their current financial situation. This is basically why even if you feel that you can no longer pay your debt and feel ashamed about it, you would still have to face your lender and explain so that other payment and settlement options can be offered to you.

Usually, the notice of default or during the pre-foreclosure stage is sent by email. There, certain information are stated and that which you have to reply to as soon as possible. When you reply and state certain reasons, there would be assistance ready to guide you. Otherwise, you would be alone in your problem.

In the end, it is greatly advisable to first see if you truly have the money to check your needs and claims before investing in something that would require you to spend much. This way, you can be certain that you have enough money to spare to pay for your dream home.

Synopsis of Delaware Foreclosure Laws
Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: No

Primary Security Instruments: Mortgage

Timeline: Typically 90 days

Right of Redemption: No

Deficiency Judgments Allowed: No

In Delaware, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

Lenders in Delaware are given a number of options in which they may pursue judicial foreclosure, but the most commonly used procedure is the Scire Facias.

This proceeding is quite different from other judicial foreclosures because instead of the lender having to prove the borrower is in default of the mortgage, the borrower has to prove he isn’t. Although the suit to obtain an order for foreclosure is filed by the lender, the borrower must appear in court within twenty (20) days of being served a writ to provide evidence as to why the foreclosure should not take place. Unless the court is satisfied with the borrowers explanation and evidence, they will authorize a foreclosure sale.

Said sale must be conducted by the sheriff and held either at the courthouse or at the property itself at least fourteen (14) days after the notice of sale is posted on the property and in other public places throughout the county in which it is located.

The buyer has no right of redemption once the court has confirmed the sale.