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Ray, Lawyer
Category: Legal
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Experience:  30 years in civil, probate, real estate, elder law
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Am retired RE agent. Helping neighbor. In DE. What verbiage

Customer Question

am retired RE agent. Helping neighbor. In DE. What verbiage in note identifies lender's ability to obtain a deficiency judgement?
Submitted: 1 year ago.
Category: Legal
Expert:  Ray replied 1 year ago.
Hi and welcome to JA. Ray here to help you today. Delaware has judicial foreclosure.This is done through a civil suit.The lender here can seek to foreclose through the court and if the sale does not satisfy the debt then the court awards a deficiency judgment to the lender at that point. Reference Del. Code Ann. tit. 10, Chapter 49, §§ 5061 through 5067 This is the statutory authority for the lender to accelerate the note if it is in default, file suit suit to forclose, and also obtain deficiency if the house doesn't sell for whats owed here. I appreciate the chance to help you today.Thanks again.
Expert:  Ray replied 1 year ago.
Sample promissory note--see section six, click on free preview, this authorizes lender to accelerate note in event of default and then they can foreclose under statute above.