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Noun. (Finance: Mortgage) Foreclosure is the act of a lender, especially a mortgage lender, taking the collateral on a loan when loan payments are not made. If you do not make your mortgage payments, the bank will put your house into foreclosure.
The Nebraska Foreclosure Protection Act protects homeowners from the fraudulent activities of individuals and entities that prey on vulnerable consumers. An individual or company legitimately doing business under the Act will: Require fees for services only after ? the services have been provided.
Most Nebraska foreclosures are non-judicial under power of sale in trust or deed, so the civil courts are not involved in the process. Instead, the mortgage holder has to give borrowers notice before any sale of the property can take place.
Deed of Trust Foreclosure in Nebraska A Notice of Default is filed with the Register of Deeds in the County where your home is located. A copy of the Notice of Default, stamped with the date it was filed with the Register of Deeds, is sent to you by registered or certified mail within ten days after it is filed.
Filing a bankruptcy or a lawsuit could stop a foreclosure sale. Talk to a lawyer about your situation to see what is best for you. The most common way to stop a foreclosure is to refinance or modify your mortgage loan to make it more affordable.
A deed in lieu of foreclosure is a legal agreement between a homeowner/borrower and a mortgage lender. As the borrower, you agree to give your home's legal title to the lender in exchange for being released from your mortgage debt.