The Delaware foreclosure process works in just a few steps. If you have lost your job and fear you might lose your home then there are a few things you need to know about how the process works so you can prepare yourself and your family. The entire process may take up to 1 year but can complete within 6 months.
The bank must file papers through the courts when you begin the Delaware foreclosure process. The first filing is called the notice of default which starts the process of the foreclosure and is usually done when the borrower misses the 2nd or 3rd payment. Some banks have so many foreclosures on their record that they are starting the process as soon as the first payment is missed. When you receive this paperwork in the mail you should also expect to see it published in the local newspaper’s public notice section announcing the default.
The bank will try and contact you several times throughout every day after you have missed a payment or two. You will receive several mailings from the bank and plenty of information about things you can do to save your home. Anyone that wants to keep their home must respond to these communication efforts or the bank will move forward with the Delaware foreclosure process.
The next filing through the courts is the intent to sell. This filing will establish a date that the home will be sold at the local county courthouse in a public auction. In Delaware, you can save your home from the foreclosure process right up until the date of the auction if you can come up with the total amount of money owed in back payments and the amount of money in fees and penalties that have been attached to the amount owed.