Delaware Foreclosure Process
Foreclosure in Delaware can move quickly through the court system, taking only 90 days from start to finish, according to the Foreclosure Law website. The law in Delaware allows banks and lenders to place most of the burden on the borrower to defend his right to stay in his home.
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Pre-Foreclosure
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Once a borrower defaults on his mortgage or deed of trust, his lending institution contacts him in writing with a notice of intent to foreclose on the property. About 20 days before the scheduled hearing, the borrower receives a written notice of his obligation to appear in court. This is judicial foreclosure and it is a requirement for all lenders in Delaware who wish to foreclose on a borrower.
The Burden of Proof
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There are several options available to banks or lending institutions during a judicial foreclosure. According to Foreclosure Law's website, the most common method used is "scire facias," or "to know the causes." This places the burden on the borrower to prove she is not in default of the mortgage or deed of trust in question. It is much harder to prove innocence than guilt. All the bank has to do is attend the hearing, sit back and wait for the court to grant its motion of foreclosure.
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Notice of Sale
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Once the court grants foreclosure, the lender advertises the home as a public auction in local newspapers and other information outlets. This can be particularly embarrassing for the former homeowner since the entire community will know of the foreclosure and impending auction. At least 14 days after the original foreclosure hearing, the auction must take place either at the courthouse having jurisdiction or at the property.
Right of Redemption
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A borrower in Delaware has the "right of redemption" until the confirmation of the auction sale of his home. This means if the borrower can come up with the money to bring his mortgage or deed of trust current, he may pay it and avoid foreclosure. The amount to bring the account current may be substantial and many borrowers are unable to save the home before a sale.
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