In today’s economy, foreclosures seem to happen every day. By fully understanding the process, you can better understand your situation and help you make the most effective decision possible. If you are facing foreclosure in Nebraska, it is important that you understand a few basics:
Nebraska has a nonjudicial process under power of sale and deed of trust.
The executing party or bank must file a notice of default at least one month before receiving the notice of sale and mail a copy to you within 10 days. After the thirty days expire, the sale notice is published once a week for 5 consecutive weeks. The notice of sale must be sent to the borrower twenty days before the sale.
You can reinstate by paying the amount due to the lender within one month after the redemption of the notice of default.
Deficiency judgments can be obtained by filing a separate lawsuit within 90 days of the foreclosure sale.
Now that you’ve read the basics, here are some reasons homeowners may face foreclosure: divorce, death in the family, inheritance, job relocation, job loss. There may be many other reasons, but these are the main ones.
Foreclosure in Nebraska begins when homeowners are unable to make mortgage payments. The bank then sends a notice that the foreclosure process has begun. After the bank begins the process, usually about 60 days, the lender rests on the house and sells it for the balance you owe on the property.
There are ways homeowners can avoid foreclosure, but homeowners can’t always stay away. Once the process has started, although it may seem impossible to stop it, there are several ways homeowners can stop foreclosure. You can go to the lender and ask for a loan modification. This is simply asking the lender if he can pay less money for a shorter period of time. It is negotiable depending on the lender and the circumstances. You can also pay the balance due within the foreclosure sale term before the home is repossessed and sold. You can also pay off the entire loan balance before the house is sold.
There are many reasons homeowners may not want to be foreclosed on, but the main reason is loss of the home and deteriorating credit. Although it seems stressful and impossible, it can be overcome.
