Nebraska Foreclosure Law

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Nebraska Foreclosure Laws

Typical Nebraska Foreclosure Time Frame – Typical Nebraska foreclosure time is 180 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – No

Types of Security Instruments – Mortgage

Right of Redemption Period – After sale is confirmed, no rights.

Nebraska foreclosure laws only allow for judicial foreclosures to be sought by lenders looking to correct a default.  In order to begin the foreclosure in Nebraska process a lender is required to sue the borrower.  The courts then issue a judgment for the lender in the amount of the default and orders a period for time for the borrower to correct the default. 

According to Nebraska foreclosure laws, in the event the borrower does not correct the default, the court issues an Order to Sale.  Once this occurs it is the responsibility of the clerk of the court to advertise the property as being for sale.  The court can order any or all of the property to be sold, this means that in very large pieces of property it is possible for only a portion to be sold.

The borrower is allowed to correct the default at anytime while the sale is pending simply by paying all past due amounts plus any current foreclosure costs.  However, in the event that this occurs the Judgment of Foreclosure and the Order of Sale remain in effect.  This allows the lender to proceed with the foreclosure if the borrower goes into default again without seeking court permission.

The sheriff of the county in which the property is located is required to post a Notice of Sale, which lists the time, date, and location of the sale on the door to the county courthouse in which the property is located.  In addition, the notice must also be posted in five other public places throughout the county.  The final notice to the public is made in the public newspaper by publishing the notice a minimum of once a week for a minimum of four consecutive weeks.

Once the sale is completed, the courts must confirm the sale.  When the courts confirm the sale, the borrower loses all rights of redemption.  Additionally, under Nebraska foreclosure law the lender is prohibited from filing for a deficiency judgment.

For more information on Nebraska foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.