If you have missed a payment or two, you are not alone, and you are not out of options. Foreclosure in Delaware is a judicial process, which means it takes time, and time is your friend if you use it. Here is what to know and what to do.
The Delaware foreclosure timeline
- Missed payment: lender sends a notice and late fees begin.
- 30 to 90 days late: the loan moves to default and a formal demand letter arrives.
- Lender files a foreclosure complaint in Delaware's Court of Common Pleas or Superior Court.
- Mediation: Delaware offers a foreclosure mediation program you can request.
- Sheriff sale: if unresolved, the property is scheduled for public auction.
Your options, in order of how much equity you keep
1. Reinstate the loan
Pay what is past due, plus fees, and the loan returns to current. Best if the hardship was temporary and you now have income again.
2. Loan modification or forbearance
Ask the servicer about a payment plan, a temporary forbearance, or a permanent modification. Get any agreement in writing.
3. Sell the house for cash before the auction
If you have equity but cannot afford to keep the home, a fast cash sale lets you pay off the mortgage, stop the foreclosure, protect your credit from a completed foreclosure, and walk away with the remaining equity. We can close in as little as 7 days when the timeline is tight.
Talk to us before the auction date
The closer a property gets to a sheriff sale, the fewer the options and the smaller the equity you walk away with. If you have received a foreclosure complaint or a sale date, call us the same day. We will tell you straight whether a sale makes sense or whether you should pursue a modification first. There is no charge for that conversation and no obligation.
