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Foreclosure
Foreclosure Law Summary
courtesy of http://StopForeclosure.com
Delaware Foreclosure
Process
Quick Facts
- 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. | | | |
