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The last thing a homeowner wants to do is miss a mortgage payment, but life can take you aback and throw your finances into chaos. Illness, a car repair or a divorce is all it takes for a person to get behind and miss a mortgage payment and soon find themselves in foreclosure. If you get a foreclosure notice, you have some major decisions to make, so you need to know the basics of foreclosure in Nebraska.
Nebraska is considered a title theory state which means that the title to the property is held in a trust until the mortgage is paid in full. Under the Nebraska Trust Deeds Act, foreclosures are remedied through the non-judicial process.
If you are behind on your mortgage, your lender must send you a notice of default at least one month before giving a notice of sale. After 30 days, the lender must publish a notice of sale once a week for five weeks consecutively. The final notice must be published at least ten days before the foreclosure sale but not more than 30 days. A lender is also required to send a notice of sale to the borrow twenty days before the sale.
The times listed above are extended if the property under foreclosure is agricultural.
Foreclosure Laws in Nebraska
Reinstatement of Loan Before Sale
You can reinstate your loan if you pay the full amount due within one month after the notice of default is entered by the court.
Because foreclosures are handled through the non-judicial process, all stages move quickly, so there is no right to remedy after a foreclosure sale.
There are no special protections for foreclosures involving high-cost mortgages or for servicemembers in Nebraska.
Other laws may apply in your case, so we recommend you speak with a legal professional. They can explain the laws that apply to your case and how they impact your case.
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