Redemption period in Delaware? - Posted by Bob(DE)

import · July 24, 2003, 9:48am

Posted by Houserookie on July 28, 2003 at 11:05:42:

Thanks for the clarification. Just wasn’t sure whether we were discussing deficiency of the same.

import · July 24, 2003, 9:48am

Posted by Bob(DE) on July 24, 2003 at 09:48:43:

Does anyone know what the redemption period in Delaware is for foreclosed properties, or where I can look it up?

Just looking around to increase my general knowledge

thanks
Bob

import · July 28, 2003, 7:48am

Re: Redemption period in Delaware? - Posted by Scott

Posted by Scott on July 28, 2003 at 07:48:42:

Bob, I’m in DE as well, drop me a line. There is no redemption period in DE. But, the homeowner has until 9 am the day of the sale for a stay, but, I’ve seen them come in right before the property goes on the block and stay the property.

import · July 24, 2003, 9:26pm

Re: Redemption period in Delaware? - Posted by JT-IN

Posted by JT-IN on July 24, 2003 at 21:26:11:

The buyer has no right of redemption once the court has confirmed the sale.

I’m not quite certain how long confirmation takes, but usually a matter of weeks, in most cases.

Delaware

Quick Facts

Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: No
Primary Security Instruments: Mortgage
Timeline: Typically 90 days
Right of Redemption: No
Deficiency Judgments Allowed: No

import · July 28, 2003, 9:23am

Re: Redemption period in Delaware? - Posted by Houserookie

Posted by Houserookie on July 28, 2003 at 09:23:00:

JT,

You posted a 90 day timeline. Is that from the time of public notice of default to court date?

Also, since a mortgage deficiency judgment isn’t allowed, are banks suing on the note?

import · July 28, 2003, 10:10am

Re: Redemption period in Delaware? - Posted by JT-IN

Posted by JT-IN on July 28, 2003 at 10:10:46:

Rookie:

That is the info (90 days) that is available from the reference source that I used, however I am not experienced in DE foreclosures. Based on states that I am familiar with, and the timelines posted for those states, then I would say that the 90 days for DE is optimal… in other words, the shortest time frame that it can take from notice to sale… Real world experiences are often times longer.

Your question about deficiency judgment shouldn’t be confused with the judgment in the foreclosure case; “judgment in decree of foreclosure”. The judgment in the lawsuit which establishes the Plaintiff right to collect/accelerate the debt/mtg… has nothing to do with a deficiency judgment. Of course the dificiency only comes into play when the property sells for less than the mtg, fees and costs to the Lender. In DE they do not allow the deficiency, as noted.

Hope the distinction between the two types of judgments clears that up for you, HR… If not, let me know.

JT-IN