Delaware Servicing Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| Residential Mortgage Foreclosure Mediation Program / Del. Code Ann. tit. 10, §5062C | Automatic Residential Mortgage Foreclosure Mediation Program | Along with the summons and complaint, the foreclosing party must give eligible homeowners a notice about Delaware’s Automatic Residential Mortgage Foreclosure Mediation Program. Del. Code Ann. tit. 10, § 5062C. |
| Residential Mortgage Foreclosure Mediation Program / Del. Code Ann. tit. 10, §5062C(c) | Certificate of Participation | As required pursuant to § 5062D(b)(3) of this title, a notice of foreclosure mediation shall accompany the complaint filed in a mortgage foreclosure action subject to this section, which notice shall notify the defendant of the Automatic Residential Mortgage Foreclosure Mediation Program. A copy of such notice shall also accompany the posted and mailed Notice to Lienholders and Tenants required by the Superior Court Civil Rules. |
| Licensed Lenders Act / Del. Code tit. 5, §2239 | Copies of Obligation | Every mortgage lender must provide to the borrower, on request, a correct copy of the obligation evidencing the loan. If the lender fails or refuses the request to furnish the borrower with a copy, the lender will be fined, for each offense, not less than $20 nor more than $100, or imprisoned for not more than 1 month, or both. |
| Licensed Lenders Act / Del. Code Ann. tit. 5, §2224(b) | Disclosure of Amendment to Revolving Credit Plan (as applicable) | If an amendment increases the rate or rates of periodic interest charged by a licensed lender to a borrower, the licensed lender must mail or deliver to the borrower, at least 15 days before the effective date of the amendment, a clear and conspicuous written notice that describes the amendment and also sets forth the effective date of the amendment and any other applicable information required to be disclosed. |
| Del. Code Ann. tit. 10, §5062C(g) | Foreclosure Intervention Counseling Clients Checklist | At least 7 days prior to the date of the mediation conference or other date as agreed to by the mediator, the plaintiff must provide the defendant and its housing counselor, if known, a checklist of documents, including whether updated versions of existing documents need to be provided. |
| Licensed Lenders Act / Del. Code tit. 5, §2201 | Lender Placed Insurance Notice | Upon notification to the lender of cancellation of any policy for nonpayment, the lender may place coverage to secure the lender's interest. The borrower must be informed of the placement and any amount expended is due and payable by the borrower before a loan may be satisfied. Any lender may, if requested by the borrower, place the insurance coverage as is necessary to secure the lender's interest at the inception of the loan. |
| Courts and Judicial Procedures / Del. Code Ann. tit. 10, §5062A(b) | Loss Mitigation Affidavit | No judgment may be entered in any mortgage foreclosure action brought with respect to an owner-occupied or non-owner occupied 1-4 family primary residential property that is the subject of a judgment of foreclosure that has not gone to sheriff's sale, unless the plaintiff has filed a fully executed affidavit asserting: (1) that the defendant has been provided with the opportunity to apply for relief under any loss mitigation program for which the defendant may be eligible, and (2) that the loan secured by the mortgage for which plaintiff seeks foreclosure is: (i) not subject to a loss mitigation program; or (ii) is ineligible for any applicable loss mitigation program due to the defendant's failure to apply, or failure to provide required information, or failure to complete the requirements of the program; or (iii) is determined by the plaintiff to be otherwise ineligible for any applicable loss mitigation program. |
| Courts and Judicial Procedures / Del. Code Ann. tit. 10, §5062B(a) | Notice of Intent to Foreclose | With respect to an owner-occupied 1-4 family primary residence, a mortgage foreclosure action may not be filed until 45 days after a Notice of Intent to Foreclose (Notice) is sent. The Notice may not be sent until the obligor on the loan secured by the mortgage has defaulted on the obligation set forth in the terms of the loan. The Notice must be sent to the potential defendant by postage-prepaid certified mail with return receipt requested. In addition, the Notice must be sent to the potential defendant by first-class mail. |
| Courts and Judicial Procedures / Del. Code Ann. tit. 10, §4973(a) | Notice of Sale | Public notice of the property being sold must be given by advertisements posted at least 10 days prior to the day of sale in 10 of the most public places of the county where the premises are situated. The Notice of Sale must set forth the day, hour and place of sale, and what property is to be sold, and where the property lies. The Notice of Sale must also be delivered at least 10 days before the day of sale to the defendant, or left at the defendant's usual place of abode, if the defendant has a known place of abode in the county. If the defendant does not reside in the county, notice must be served on the tenant, or if there is no tenant, must be left at the mansion house or other public place on the premises. In addition, the Notice of Sale must be advertised for 2 weeks prior to the sale in a newspaper of general circulation published in the county where the property is situated and a newspaper of general or limited circulation published nearest to the place where the property is situated. Both newspapers are to be selected by the sheriff. Not more than 3 insertions per week may be made in any 1 newspaper. If there is only 1 newspaper published in the county at the time, the sheriff may select a newspaper in 1 of the other counties. If there is no newspaper in the county, the sheriff may select 2 in the other counties. |
Satisfaction of Mortgage | Whenever the debt or duty secured by a mortgage or conveyance in the nature of a mortgage is satisfied or performed, the legal holder of such mortgage or conveyance at the time the satisfaction or performance is completed shall, within 60 days after satisfaction or performance is completed (including the payment of any required satisfaction fees), cause an entry of such satisfaction or performance to be made upon the record by the procedure enumerated in this subsection. The fee for entering such satisfaction or performance upon the record shall be paid by the debtor or obligor unless the mortgage or conveyance provides otherwise. | |
| Residential Mortgage Foreclosure Mediation Program / Administrative Directive 2012-2 | Universal Intake Form | Must accompany the Notice of Foreclosure Mediation. |