Nebraska Foreclosures and Foreclosed Homes for Sale

In Nebraska, foreclosures can be either judicial or non-judicial, depending on whether the borrower has a mortgage or a deed of trust. Court foreclosures are reserved for mortgages, which can often take more than six months until they are completed. Foreclosures for deeds of trust, however, can be processed out of court, which drastically cuts down the amount of time. Most non-judicial foreclosures in Nebraska are completed within four months.

If the borrower holds a mortgage, the lender must file a lawsuit in court and properly serve the borrower. After this occurs, the borrower has 30 days to respond to the complaint. If there is no response, the court will rule in favor of the lender, giving the borrower 20 days to pay the default amount in full, or request a postponement. After this time period, the property is scheduled for public auction.

In a situation where a deed of trust is in question, a notice of default may be filed as soon as the borrower misses a payment. Once this notice is sent to the borrower, they have 30 days to make the default payment in full to stop the foreclosure process. If they fail to make the payment within the specified time, a public auction, called a trustee sale, may be scheduled.

If the foreclosure is judicial, a notice of sale will be printed in a local newspaper once a week for four weeks. The auction will be presided over by either a master commissioner or the county sheriff. The high bidder will need to have the purchase confirmed by the court, a process which generally takes around two weeks. Once the sale has been confirmed, the previous borrower has no right to redemption.

In a non-judicial foreclosure, a notice of sale will appear in a local newspaper at least once a week for a period of five weeks. An appointed trustee will preside over the sale on the scheduled date, and will transfer ownership to the highest bidder the day of the auction. In this case, the sale does not need to be confirmed, and the previous borrower has no redemption rights.

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