Delaware Sample Letter regarding Information for Foreclosures and Bankruptcies
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How to fill out Sample Letter Regarding Information For Foreclosures And Bankruptcies?
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FAQ
You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.
State Requirements Under Delaware law, the lender must send a notice of intent to foreclose 45 days before starting a foreclosure on a residential property. The notice will include the following: the amount you must pay to ?cure the default? (bring the account current) and prevent the foreclosure, and.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
This is basically a document telling you that the lender will foreclose on your property if you do not take action to stop it. Ignoring it will only lead to further legal trouble, and it could prevent you from being able to negotiate with the lender to find a solution that allows you to keep your home.
Most foreclosures in Delaware begin when the borrower is three to four payments behind. Unlike some other states, Delaware only allows judicial foreclosure. Lenders do have several options for pursuing this type of foreclosure. The most common, however, is the Scire Facias.
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.
If your deed in lieu is accepted you will simply sign over your property and walk away with no further financial obligations. If, for any reason, your lender will not accept such an offer, we can then review the other options you have to prevent a foreclosure such as a short sale, bankruptcy or a loan modification.
