Foreclosure Process Overview
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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