Statute of limitations for foreclosure

[Maribeth]

I would like to know the limitations on foreclosures in DE. The home I own jointly with x-husband is being foreclosed on and I would like to know statute of limitations, or how long the Credit Union has to complete foreclosure.

 

[ElleMD]

http://www.nolo.com/legal-encyclopedia/summary-delawares-foreclosure-laws.html

 

[Michael Wechsler]

The Delaware statutes regarding foreclosures can be found in Title 10. I doubt that you're within the statute of limitations, which is usually measured in years. Don't expect to just walk away with a free home as a result of not paying. Understand that the bank is still the owner of the home. Typically the statute of limitations only runs with regard to starting a foreclosure action, not completing it. That is my understanding, e.g. if the bank begins the action within the statute of limitations, they have warded off such a defense and do not have to complete the foreclosure within the period of time from when the statute first began to run.

 

[army judge]

The Delaware statutes regarding foreclosures can be found in Title 10. I doubt that you're within the statute of limitations, which is usually measured in years. Don't expect to just walk away with a free home as a result of not paying. Understand that the bank is still the owner of the home. Typically the statute of limitations only runs with regard to starting a foreclosure action, not completing it. That is my understanding, e.g. if the bank begins the action within the statute of limitations, they have warded off such a defense and do not have to complete the foreclosure within the period of time from when the statute first began to run.

As usual, professor, your understanding is 100% correct, with regard to foreclosure and the SOL.

 

[army judge]

The Delaware statutes regarding foreclosures can be found in Title 10. I doubt that you're within the statute of limitations, which is usually measured in years. Don't expect to just walk away with a free home as a result of not paying. Understand that the bank is still the owner of the home. Typically the statute of limitations only runs with regard to starting a foreclosure action, not completing it. That is my understanding, e.g. if the bank begins the action within the statute of limitations, they have warded off such a defense and do not have to complete the foreclosure within the period of time from when the statute first began to run.

As usual, professor, your understanding is 100% correct, with regard to foreclosure and the SOL.

 

[Maribeth]

Thank goodness. I in no way, want him to walk away from this with the house in tow.