Delaware Automatic Residential Mortgage Foreclosure Mediation Program
Homeowners Have A Voice
Starting January 19, 2012, the Attorney General, together with other agencies and organizations, has initiated a mandatory mortgage foreclosure mediation program to give homeowner’s a voice in the foreclosure process.
FREE HELP is available through this program. You can find information about the Mortgage Foreclosure Mediation Program and helpful links on this page, by calling our toll-free hotline: 800-220-5424, or contacting us via email at email@example.com.
How does the program work?
What is Mediation – What to Expect:
Mediation will provide you with the opportunity to meet face-to-face with your lender and work towards a mutual agreement in order to avoid foreclosure. Homeowners in Delaware who have participated in the mediation program have benefited from the following resolutions:
Remain in your home:
- Loan Modification: agreement to permanently change one or more of the terms of the mortgage contract to make your payments more manageable for you
- Loan Repayment: your lender will give you a fixed amount of time to repay the amount you are behind by adding a portion of what is past due to your regular plan
- Forbearance Agreement: your mortgage payments are reduced or suspended for a period of time. At the end of the time, you resume making your regular payments as well as a lump sum payment or additional partial payments for a number of months to bring the loan current
Exit your home:
- Short Sale: your lender may allow you to sell the home yourself, agreeing to forgive any shortfall between the sale price and the mortgage balance
- Deed in Lieu: you voluntarily transfer your property title to your lender in exchange for cancellation of the remainder of your debt
You are eligible for this FREE program if:
- You own a one to four unit home
- You reside in this home as your primary residence
- The mortgage on this home is being foreclosed
Mortgage Foreclosure Data