The state of Delaware is set to have a record-breaking year when it comes to the number of foreclosures filed in the state’s three counties, according to Gerry Kelly, deputy banking commissioner of community affairs at the Delaware Office of the State Bank Commissioner.

Kelly says his office is holding a foreclosure conference next week so residents and shareholders in the community can discuss the state’s alarming foreclosure surge, as well as some of the “loan rescue scams” surfacing in the market.
“It’s almost the business of foreclosure is taking over,” said Kelly.
Kelly’s office is worried about a new generation of loan products that promise salvation from distressed loans — only to turn predatory in their own right. “We are trying to make sure people understand what a product is before signing a document,” Kelly added.
The upcoming foreclosure prevention conference will give Kelly and other advocates for homeowners in Delaware a chance to discuss new state initiatives, including a pilot program that offers distressed borrowers up to $15,000 in rescue funds. Kelly says his office is petitioning for another $500,000 to help borrowers.
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