Resources to Save Your Home
Acting early is key to protecting your home from foreclosure. Depending on where you are in the foreclosure process, the options available to you may vary, but taking proactive steps now can make a significant difference.
Don’t wait until it’s too late—discover the tools and strategies designed to help Delaware homeowners like you. From repayment plans to legal protections, the right approach can put you back on the path to stability.
If your home is already going to auction, your options may be limited. Learn more about available at “Quick Solutions”
Contact Your Lender
Sometimes the easiest solution is the least complicated. If you have not yet had any interaction with your lender, they may be open to working with you.
Solutions Vary by Banks but the following options are generally available:
Reinstatement - If you have the money, you can make a single payment to catch up with everything due on a loan
· Loan Modifications - Renegotiate the terms of your loan without having to pay additional closing costs
· Forbearance Plans - Lender agrees to temporarily reduce or pause payments on the loan for a specified amount of time
· Loan Repayment - Lender provides a fixed timeframe to repay the amount you are behind by adding a portion of what is past due to your regular plan
· Short Pay Plans / Short Sale - Lender accepts less than the mortgage’s full balance as payment in full for the debt owed
· Deed in Lieu - Lender and owner sign document that voluntarily transfers the property’s title from the homeowner to the mortgage lender
Delaware Mortgage Relief Program
Provides up to $50,000 in mortgage relief
Occupants must own and occupy their home as their primary residence and have experienced a pandemic related financial hardship such as lost income or increased expenses
Other Programs
Manufactured Housing Assistance Program
Assists Delawareans who are 90 days or more overdue on home loan and / or rent payments. Reason for the late payments must be unemployment or significant reduction in hours.
Wilmington Senior Tax Assistance Program
Assists 62 years or older facing foreclosure from property taxes, sewer or water bills
This program gives you an opportunity to meet face to face with your mortgage lender to figure out a way to avoid foreclosure. If you have not yet met with a mediator, then this option will be available to you if you meet the following criteria:
Eligibility
1. Own a 1-4 unit home
2. Reside in home as primary residence
3. Mortgage on home is being foreclosed
Mortgage.mediation@delaware.gov | 800-220-5242
