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Nebraska The Process Foreclosures in Nebraska take place judicially,
through the filing of petitions for foreclosure in the Nebraska District
Court for the county where the property is located. If a prior lawsuit has
been won by the lender for the amount due on a loan, it does not stop a
lender from filing a subsequent lawsuit seeking a foreclosure sale of
mortgaged premises. However, before the court will hear a petition for
foreclosure, the lender must prove it has been unable to collect what was
judged to be owed in the prior lawsuit. If a suit has been brought for
satisfaction of a mortgage rather than a true petition for foreclosure, the
lender can only seek the amount due and possession of the property rather
than true foreclosure. Whenever a petition for foreclosure is filed either
alone or in conjunction with a petition for satisfaction of a mortgage, then
the court can decree a sale of the mortgaged premises or such part as is
needed to pay off the loan and the costs of suit. While the lawsuit is pending, the borrower has the
right to bring in the past due payments, including principal and interest,
and costs, and the lawsuit proceedings will be suspended (stayed).
Nevertheless, the court will enter a decree of foreclosure and sale. This
will not be enforced unless there is a further order of the court, which will
not be given unless the borrower defaults in the future payment of any
installment or a portion of one. The court may order the entire property to be
sold, or some part of it, based on a report by the sheriff as to what appears
to be the most feasible. The order of sale may be stayed up to nine months
after the judgment if the borrower files a written request for a delay (stay)
with the clerk of the court within 20 days after the judgment is rendered.
Otherwise, the order commanding the sale of the mortgaged property will be
given 20 days after the judgment. The sheriff or officer holding the sale must give
public notice of the time and place of the sale by posting the notice on the
courthouse door and at five other public locations in the county where the
property is located. Two of the five locations must be in the precinct where
the property is located. In addition, the sheriff must advertise the property
for sale once a week for four weeks in a newspaper either printed in the
county or generally circulated in the county. After making the sale, the
sheriff or officer will report it back to the court, which will then confirm
the sale. Once the sale is confirmed, the borrower has no right to redeem the
property. A deed shall be executed by the sheriff and it
will vest in the purchaser the same title the borrower had. The sales
proceeds will be applied to discharge the lender's debt, and if there is a
surplus, it goes to other persons who are entitled to it, or it must stay
with the court for three months before it can be paid to the borrower. Deficiency A deficiency is only possible as a continuation of
a foreclosure suit, but not while the foreclosure action is pending or
remains incomplete. |
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