That could never happen to me; you may have thought about facing foreclosure in Delaware. While rationally we know in the back of our minds that financial hardship can affect anyone, no matter what their circumstance, we never really believe it will be us. On the day that we’re signing the last of the paperwork and collecting the keys to our new dream home, our thoughts are filled with the future. It’s scary to make a big commitment like a 30-year mortgage, no wonder we don’t spend too much time contemplating the darker possibilities, what could go wrong.
And then one day we find ourselves opening a letter from the bank and seeing those words for the first time: foreclosure. The breath gets sucked right out of your lungs — this can’t be happening. It mustn’t be happening. And yet…it is.
Accepting that you are no different than the hundreds of thousands of homeowners who have been in this position is a good first step to getting yourself OUT of this uncomfortable place. So many other people have been where you are, that there are entire agencies and programs devoted to serving the needs of regular people, just like you. Regular people who took a calculated risk. Who put their savings on the line for a dream in the form of 4 walls and a roof. And who are wondering what happens next? Let’s look at some of the resources available to help in Delaware.
Delaware has established an Office of Foreclosure Prevention and Financial Education, operating under the auspices of the Fraud and Consumer Protection Division of the Delaware Department of Justice. This office can educate you on your rights and hold your loan servicer accountable for preserving and respecting those rights. They can also investigate scams.
The state has also put together a helpful info page letting homeowners know what to expect and what to do (or not do!) during the foreclosure process. For instance, it is recommended that you continue to live in your home until after the foreclosure, the sale is concluded, as up to that point you may be able to reclaim your home.
If you are over the age of 62, facing imminent foreclosure, and are living in the city of Wilmington, a one-time cash grant of up to $3,000 may be available to you. Check your eligibility using this Wilmington Senior Tax Assistance Program Overview.
A highly structured loan of up to $10,000 is available to homeowners who meet the criteria of the Manufactured Housing Assistance Program, or up to $30,000 to qualifying borrowers who access the Deleware Emergency Mortgage Assistance Program. Both of these programs help the homeowner get current, and provide financial support for 12-24 months.
If you’re facing foreclosure, its all but guaranteed that this isn’t going to be remembered as one of the best times of your life. There are going to be days when it feels hard just to keep going. Remember to rest when you’re tired, and not quit. It’s okay to ask for help — that doesn’t mean you’re stupid, or defective, or weak — it just means you’re human.