Some states in the United States of America allow lenders to make use of only the judicial foreclosure process when faced with default in payment. Delaware foreclosure laws belongs to this category and insists on settlement of all properties on the foreclosure listings to be settled through courts using judicial foreclosure processes.
Judicial foreclosure processes take on an average ninety days to complete. The legal document that plays an important part in judicial foreclosure is the mortgage. The State of Delaware does not allow the lender an opportunity to file for Deficiency Judgment nor does it allow the borrower the Right of Redemption.
The State of Delaware Foreclosure Law allows lenders a few different options when they opt for a judicial foreclosure. The Scire Facias is a procedure that is used very often. Under this procedure the burden of proof falls on the borrower. In other words, the borrower is expected to provide evidence that he is not in default of payment as per rules of the mortgage for a foreclosed home. The lender's task is to file a suit in the court for foreclosure of property. The lender is not required to furnish any evidence of default of payment. The court in question should be located in the county where the distressed property is located.
Once a suit for foreclosure of property is filed, the court is required to serve a notice to the borrower. The notice must lay down all that is required of the borrower for the court proceedings. Once he receives this notice, the borrower is expected to appear in court within 20 days. He should plead his case supported by relevant evidence. If the borrower does not appear in court within the specified period he loses all claims to the foreclosure property.
As soon as a foreclosure sale is authorized a Notice of Sale is displayed on the property and in other important public places in the county where the distressed property is located. This notice should contain details regarding the actual sale like time, place and other relevant details. The actual sale must be held only after a lapse of two weeks from the date of this notice. A foreclosure property sale in the State of Delaware is monitored by the county sheriff. The auction of foreclosure property is held either on the property premises itself or in front of the county courthouse.
The State of Delaware Foreclosure Law does not allow the buyer a Right of Redemption once the public auction of the foreclosure property is over.