Stop Foreclosure in Nebraska

 


How to Stop Foreclosure in Nebraska

Most people are thinking of ways on how they can prevent foreclosures in the State of Nebraska. For this very reason more and more options are being made on hand. However, the process of avoiding foreclosure can be a little bit tricky most especially if the process has already been passed.

The thing is, you can still put an end to foreclosure through quit claim.

The most important thing about quit claim is to know primarily what it is all about. Quit claim works simply by transferring part of the interest in piece of real estate from a person to another. This simply means that when a quit claim is filed, the owner of the home is changed to someone else. The new order will likewise have the right to the new home thus removing the rights of the previous owner.

There are a lot of misconceptions when it comes to quit claim. Usually, the elderly are the common victims of such misconceptions because they are prone to purchasing a home and then quit claims it to their relatives as the new owner. Other people who are used to applying for quit claims would be parents who want to give homes to their children as gifts or whatever purpose. This is a good practice to ensure that their children as they get older would have a place of their own.

However, there are some negative effects to quit claim. If the process of filing a notice of foreclosure has already started, then chances are it can no longer be revoked. This simply means that is it important to ensure that there is no foreclosure claim first filed before you can resort to quit claim.

Another thing is that some lenders convince owners of home to apply for quit claims and transfer the deeds on their behalf making them the new owners of the home. This can cause problems in the end because the previous owner will not benefit from it at all.

Synopsis of Nebraska Foreclosure Laws

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

In Nebraska, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale.

In Nebraska, the court may order the entire property to be sold, or just some part of it. The order of sale may be delayed for up to nine (9) months after the judgment if the borrower files a written request for a delay with the clerk of the court within twenty (20) days after the judgment is rendered. Otherwise, the order commanding the sale of the mortgaged property will be given twenty (20) days after the judgment.

The borrower has the right to cure the default at any time while the suit is still pending by paying the delinquent amount owed on the mortgage, as well as any interest and costs that have accrued. 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.

The sheriff must give public notice of the time and place of the sale by:

  1. posting the notice on the courthouse door;
  2. posting the notice in at least five other public places in the county where the property is located; and
  3. by advertising the property for sale once a week for a period of four
  4. weeks in a newspaper published in the county where the property is located.

The court must confirm the sale after it takes place and once this is occurs, the borrower has no right of redemption.

Where to go to for Foreclosure Help

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

Stop Foreclosure Early

Wells Fargo – Williamsburg
402-434-4750
3901 Old Cheney Rd
Lincoln, NE

Wells Fargo – Sunset Plaza
402-644-2131
1710 Market Ln
Norfolk, NE

US Bank – 3rd & Main Office
(308) 389-4017
424 W Third St
Grand Island, NE

Wells Fargo – Pine Lake Road
402-434-4373
2801 Pine Lake Rd Ste M
Lincoln, NE

Wells Fargo – Omaha Main Mb
402-536-2183
1919 Douglas St
Omaha, NE

Ecreamery
402-934-3888
5001 Underwood Ave.
Omaha, NE

Wells Fargo – Lincoln
402-434-4133
1248 O St 2Nd Flr
Lincoln, NE

US Bank – Kearney NE – Main Office
(308) 237-3606
204 W 31st St
Kearney, NE

Wells Fargo – Kearney Main
308-234-1818
21 W 21St St
Kearney, NE

Wells Fargo – Meridian
402-434-6195
6940 O St
Lincoln, NE