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Delaware Foreclosure Law
Delaware foreclosures must go through the court system. A
Delaware foreclosure typically takes 7-10 months from start to
finish.
Pre-foreclosure Period
After a borrower defaults on a mortgage or deed of trust, the
Delaware foreclosure process begins with the filing of a
complaint in court. The borrower is given instructions to appear
in court within 20 days and provide evidence as to why the
foreclosure should not occur. If the borrower cannot be located,
this pre-foreclosure period of giving notice to the borrower
could last up to three months. If the borrower does not appear
in court within the required time frame, the court could rule
that the borrower is in default. Eleven days after the court
rules the borrower in default, the lender can submit a request
that the county sheriff conduct a sale of the property.
Notice of Sale / Auction
It usually takes 2-3 months for the sheriff to properly
advertise and give notice of the sale. The sheriff posts the
sale notice on the property and in other public places at least
14 days before the sale date. The notice should include the
date, time, and location of the sale, as well as a brief
property description and the location of the property. The
notice is also delivered to the borrower at least 10 days before
the sale date. The notice of sale is published in two local
newspapers chosen by the sheriff, appearing no more than three
times per week for two weeks before the sale. Generally, the
sale is conducted by the sheriff and takes place at the property
or at the local courthouse. After the sale, confirmation of the
sale occurs within 1-3 months, and the sheriff transfers
ownership to the winning bidder. Prior to confirmation, the
borrower may contest the sale procedure, but the borrower has no
right of redemption after the sale.
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