On April 16, 2009, Delaware Online reported that in the State of Delaware, foreclosures rose just 2.6 percent in the first quarter, but are up more than 54 percent from last year. Foreclosures "came back with a vengeance" last month and are likely to keep rising, RealtyTrac.
The big unknown for the coming months is President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. Banks in Delaware have shown an increasing willingness to consider requests by homeowners for loan modifications or short sales. By submitting requests to their lenders for reduced interest rates or permission to sell their homes for less than the balance of their loans, homeowners can avoid foreclosure, and minimize the devastation to their credit records. Federal and State government is promoting these alternatives, and banks have become more willing to work with homeowners. However, many homeowners remain unaware of these options.
Homeowners interested in requesting mortgage modifications can download the required Mortgage Modification Request Kits for submission to their lenders. Homeowners seeking their lenders approval of short sales can download Short Sale Request Kits With minimal effort, many homeowners in Delaware can stop foreclosure of their homes.