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Delaware Foreclosure Procedures The foreclosure starts when the lender files a lawsuit (a ?complaint?) in court and serves you a copy. If you fail to answer to the suit within 20 days, the lender will automatically win the case, and the court will issue a default judgment giving permission to sell the property.
Redemption. Redemption is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process.
Ways to Stop Foreclosure in Delaware Declare Bankruptcy. Yes, bankruptcy is a way through which foreclosure can be stopped. ... Applying for Loan Modification. ... Reinstating Your Loan. ... Plan for Repayment. ... Refinancing. ... Sell Out Your Home. ... Short Sale. ... Deed In Lieu of Foreclosure.
Redemption Period After a Foreclosure Sale in Delaware Delaware law, though, doesn't provide a post-sale redemption period. But the borrower has up until the court confirms the foreclosure sale to pay off the full amount of the outstanding debt and keep the home. (Del. Code Ann.
"Writ of Scire Facias": In Delaware, a lawsuit is required to foreclose on your mortgage except for certain types of mortgages issued by the government. The foreclosure process takes an average of 5 to 6 months from filing the lawsuit until the confirmation of the foreclosure sale.
The Foreclosure Sale A statutory right of redemption allows borrowers to make the full payment of the loan plus costs to the lender. A confirmation hearing is held 30 days after the sale, and the borrower can redeem the loan during that 30 days but not after.
Foreclosures in Delaware are judicial, which means a court handles the process. In some other states, foreclosures are nonjudicial, which means they're usually carried out with little (if any) court involvement or oversight.
In General. There are two types of redemption: Equitable redemption and Statutory redemption.