Foreclosure in Delaware
Options for your future
In the sanctuary of your cherished home, unexpected life events—be it illness, job loss, the passing of a loved one, or other unforeseen challenges—can suddenly emerge and threaten your peace. Facing foreclosure might be a situation you never imagined confronting. Remember, you’re not alone. What choices lie ahead, and where can you seek support and guidance?
There are options available to you. While you are examining your options, you may be concerned about a few things. For example, you may be concerned about:
You deserve to be treated with respect and have all available options open to you during the Delaware foreclosure process
Information and resources about foreclosure in Delaware
Foreclosure in Delaware is a legal process through which a lender seeks to recover the balance of a loan from a borrower who has stopped making payments, leading to the sale of the property used as collateral for the loan.
This is a simple and basic explanation of the foreclosure process, you should find someone in the resources portion of this page to discuss the process more in depth. We can answer general questions however we are not attorneys consolers financial advisors or any type of legal counsel. You should ultimately speak to someone you trust before making any major decisions.
Delaware Foreclosure Process:
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Initial Filing and Notification: The process commences when the mortgage company informs the state of a borrower’s default.
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Service of Legal Papers: All individuals named on the mortgage will receive legal notices from the court regarding the impending foreclosure.
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Mediation Phase: During mediation, three outcomes are possible:
- An agreement couldn’t be reached.
- A party failed to appear.
- Mediation was successful and an agreement was established.
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Progression if Mediation Fails: If mediation is unsuccessful, or if the defendant doesn’t appear, the process advances to the subsequent stages.
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Court Judgement: If the foreclosure is approved, a judgement is entered in favor of the lender.
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Scheduling the Sheriff’s Sale: Once the court’s decision is made, a date is set for the property to be auctioned in a Sheriff’s sale.
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Sheriff’s Sale: Here, the property is put up for public auction. It goes to the highest bidder, with the bank aiming to recoup as much of the owed amount as possible.
HERE YOU WILL FIND SOME RESOURCES AND OPTIONS
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Delaware State Attorney General: This is your first source of information and comes straight from the state Attorney General.
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Delaware State Courts: For a deep dive into the state’s foreclosure laws, the state court’s website can be a good resource.
- Sell your house for cash: Selling your house to an investor may be a good way to walk away from the house without a full foreclosure going on your record and could, depending on the circumstances, leave you with some money to move forward with. Click here to get an offer on your house if you decide you want to go that route.
