What is Foreclosure in Dover, Delaware?

Find the right Foreclosure Bankruptcy attorney in Dover, DE

Foreclosure is the legal procedure by which the lender in a mortgage arrangement takes possession of the property (normally a house) that secured the loan. This is done when the Dover, Delaware debtor has repeatedly failed to make their payments. Foreclosure normally results in the property being sold in an auction. Banks normally want to get rid of the property as soon as possible, even if it means taking a financial hit, and an auction is the simplest way to do this.

In all states in the U.S., including Delaware, there is an option to go through foreclosure via judicial sale, in which a court supervises the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that may have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the borrower owes, the bank cannot go after the debtor for the remainder. You should consult with an lawyer in Dover, Delaware to see if this is the case. However, this normally doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Delaware?

Most importantly, you must not dismiss the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be straightforward with them. One should remember that banks typically don't want to take your house in Dover. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are straightforward with them about your financial situation, they are likely to make reasonable accommodations to keep you from defaulting.

If you can't work anything out with your lender, or have become totally unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt may be forgiven. You may also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

How Can A Dover, Delaware Attorney Help?

If you are facing foreclosure, a good Dover, Delaware real estate lawyer can help. While keeping your home might not always be possible, an attorney can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Dover

Dover, Delaware is the capital of Delaware, and its second-largest city. It has a population of about 36,000 people.

Dover, Delaware was founded in 1683 by British colonists. Dover is perhaps best known as being the home of Caesar Rodney, a popular lawyer and wartime leader during the American Revolution. The city was also an important stop on the Underground Railroad, even though the population of Dover was sharply divided on the issue of slavery. Many Dover, Delaware lawyers helped runaway slaves once they arrived.

Modernly, Dover's economy is fairly diverse. The largest employer in Dover, as well as in the entire state of Delaware, is the state government. The vast majority of the state's administrative functions are located in and around Dover. Another major employer is the Dover Air Force Base. This federal presence, along with the state government, employs many Dover, Delaware lawyers.

Residents of Dover, Delaware who need legal advice should have little trouble finding a good Dover, Delaware attorney.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY