In the state of Nebraska, what is the typical foreclosure process?

by oliver on September 30, 2010

Question:

In the state of Nebraska, what is the typical foreclosure process?

A friend of mine says she has received a notice of intent to foreclose. She is curious as to how much time she will be given to vacate the property if she can not bring the payment current.

Answer:

The process of foreclosure depends on the dictation of your state laws, as well as on the mortgage lender. If the lender is out of state, they may have hired a “foreclosure attorney” to help with the transactions of the state and the foreclosure may take from 6 months to one year. Tell your friend that she should make ways in order to make her mortgage payments current. She can apply for loan modification programs, refinancing and other assistance programs that the banks and the state offer. If she is not able to make her mortgage current, then she should talk to her lender and work out an agreement. If she wants to keep the house, applying for assistance would be best. But if your friend does not intend to keep the house, then tell her to propose a short sale of the house to the lender. This would be beneficial to both parties because the borrower will not be able to experience foreclosure, which gravely pulls down the credit rating, and the lender will not have to spend on the process of foreclosure and worry himself of the court hearings and auction. Your friend may talk to your lender in order to know the time frame that she has to follow.

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