Delaware Foreclosure Law

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Below you will find information specific to Delaware foreclosure law. A brief breakdown of foreclosure facts are listed in the table and are defined more thoroughly just below the table:

Judicial Foreclosures	YES
Non-Judicial Foreclosures	NO
Primary Security Instruments	Mortgage
How long does it take?	6 to 7 months
Right of Redemption	NO
Deficiency Judments Allowed?	YES
Sale Publication Period	N/A
Sale/NTS	Sheriff

 

Overview

Delaware foreclosure law only allows a judicial method of foreclosure, requiring court action with foreclosures. Mortgage, note, and security agreement are all names used when referring to the document that establishes a mortgage in the state of Delaware. In Delaware, the entire foreclosure process from start to finish lasts approximately five months, but can be delayed if there is any contested actions from the borrower or if the court is really busy.

 

Judicial Foreclosures

Judicial foreclosures, as the name suggests, requires court action to complete the foreclosure process. With judicial foreclosures, the court must give a final ruling on the fate of the property undergoing foreclosure. Like many other states, a lender must file a complaint to the court and a lis pendens in order to initial the process. Delaware is different in that it has a method called scire facias that is in place that requires a borrower to provide evidence that a property is not in default. This is unlike other states where the lender is the one having to prove that the borrower is in default. After a complaint is filed, the borrower has 20 days to respond. Finally, notice must be given to the borrower at least two weeks in advance of when and where the upcoming sale of the property will be.

Right of Redemption

Delaware does not have a right of redemption period, which would allow a borrower to redeem a property after being sold at a publicly held sale. The only opportunity a borrower has to redeem their property after it is sold is before the confirmation hearing, which is held within thirty days of the sale date.

 

Deficiency Judgement

Delaware foreclosure law does allow deficiency judgements. A deficiency judgement allows a lender to file suit against a borrower, and if successful, requires the borrower to pay the amount remaining after the amount the property is sold for is deducted from the original loan amount.

 

Related Links:

Delaware Foreclosure Attorneys: Here you'll find a list of foreclosure attorneys specific to your area. Speak with an attorney that can help you make the best decision possible.
Deficiency Judgment: Allows lenders to get a judgement against you in the amount of the deficiency after a sale at auction. Read more about it here.
Right of Redemption: Even if you've lost your property to auction, you may be able to get it back. Here is more information about what right of redemption actually is.
Lis Pendens: When a lender files suit against a borrow. Find out more details about what is included with a lis pendens that is filed to a court.