Delaware Code Title 29 Sec. 2518 – Office of Foreclosure Prevention and Financial Education
(a) The Office of Foreclosure Prevention and Financial Education is hereby established within the Division of Consumer Protection under the direction and control of the Director.
Terms Used In Delaware Code Title 29 Sec. 2518
- Director: as used in this subchapter refers to the Director of the Division of Consumer Protection and includes any designee. See Delaware Code Title 29 Sec. 2517
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(b) The Office of Foreclosure Prevention and Financial Education is established for the following purposes:
(1) To develop and implement programs to educate the public about foreclosure prevention and financial literacy;
(2) To identify mortgage foreclosure fraud or other deceptive practices;
(3) To provide for opportunities for borrowers to meet with lenders through outreach events or mediation programs;
(4) To establish a toll-free telephone number to receive complaints from homeowners at risk of default for appropriate referral or intervention;
(5) To serve as a liaison between borrowers and lenders when complex issues may be impeding loss mitigation efforts; and
(6) To promote coordination among government and private programs and lenders including, but not limited to, HUD approved housing counseling agencies, legal aid providers, and other nonprofit consumer advocates.
(c) The structure of the Office of Foreclosure Prevention and Financial Education will be determined by the Attorney General and include a Foreclosure Outreach Coordinator and 2 administrative specialists.
(d) This section expires on January 1, 2025, unless terminated sooner or extended by the General Assembly.
78 Del. Laws, c. 198, § ?1; 79 Del. Laws, c. 27, § ?12; 82 Del. Laws, c. 30, §§ 2, 7;