Nebraska Foreclosure Process and Laws

 


Quick Facts About the Foreclosure Process in Nebraska

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: No

Primary Security Instruments: Mortgage

Timeline: Typically 180 days

Right of Redemption: Yes

Deficiency Judgments Allowed: No

Dealing with foreclosure of mortgages in Nebraska involves the judicial foreclosure process.

Judicial Foreclosure
The judicial foreclosure involves a court order which states the amount of debt and the time to pay it by the borrower. Failure to pay the debt within the time frame gives the clerk all the right to auction off property.

Unlike is some states, foreclosed property may be sold entirely or just a portion of it in the state of Nebraska. One approved, the auction may not proceed immediately. The borrower may submit a request to delay the foreclosure sale for 9 months after the court decision. This must be submitted within 20 days after the court had ordered for sale of property.

The borrower is allowed to settle the pending debt on the default during the time that the suit is still processing in the court. This should include the debt, costs and interest that have summed up within the period of deliquency in payment. Should there be any problems with payment in the future, the court can still issue an order of foreclosure sale on the property.However, the court may still enter a decree of foreclosure and sale, which may be enforced if the buyer goes into default on the mortgage again in the future. As soon as the sale is confirmed by the court, the borrower has no right of redeeming the property.

As the order of sale continues, the sheriff of the county must be notified through:

  1. Posting the notice on the door of the courthouse
  2. Posting the notice in at least 5 public places within the same county
  3. Posting the notice of sale in a public newspaper for four weeks

Foreclosure Avoidance Counseling

HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.

If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Omaha Field Office

Edward Zorinsky Federal Building
Suite 329
1616 Capitol Avenue
Omaha, NE 68102-4908

Phone: (402) 492-3100

Fax: (402) 492-3150

TTY: (402) 492-3183
Jurisdiction: State of Nebraska

Clifton E. Jones
Field Office Director

Office Hours: 8:00 a.m. to 5:00 p.m.,
Monday through Friday