EstatePass
Real Estate FinancingMEDIUMFREE

Foreclosure in Delaware is:

2:32
0 views

Question & Answer

Review the question and all answer choices

A

Non-judicial

Non-judicial foreclosure is available in many states but not in Delaware. Delaware does not allow lenders to bypass the court system and foreclose directly through power of sale.

B

Judicial, through the Court of Chancery

Correct Answer
C

Strict foreclosure

Strict foreclosure, where the court transfers title directly without a sale, is not permitted in Delaware. All Delaware foreclosures must go through the judicial process with a public sale.

D

Administrative

Administrative foreclosure is not a recognized foreclosure method in Delaware or most states. Foreclosure is a legal process that requires court oversight in Delaware.

Why is this correct?

Delaware law requires all foreclosures to go through the judicial process specifically in the Court of Chancery. This ensures proper legal oversight and protects borrower rights through court supervision, making option B the only correct choice.

Ready to Ace Your Real Estate Exam?

Access 2,000+ free video lessons covering all 11 exam topics.