How to Buy Delaware Foreclosures

The state of Delaware primarily follows a judicial process of mortgage foreclosure. During preforeclosure, a buyer would deal with the property owner.

After the owner receives the notice of default, it can take more than six months (and at least six months), before it is sold at a public foreclosure auction sale.

If the foreclosure property fails to sell at the auction it becomes Real Estate Owned. Properties are best bought during preforeclosure as they are generally cheaper at that stage.

In Delaware, a deficiency judgment is made available to lenders if foreclosure properties sell for lesser than the primary mortgage amount at the public foreclosure auction sale.