Nebraska Foreclosure Process

The Nebraska foreclosure process can take up to one full year in some cases before a home is sold at the auction. This doesn’t mean that all homes take a year. Some can take only 6 months. Banks are getting faster at closing a foreclosure because they have had so many loans defaulted on and they know the faster they recover the property the less they lose in value of the home.

The Nebraska foreclosure process doesn’t have to go through if you have missed a few payments and want to still keep your home. Many people think that once the process starts they cannot save their home and they are for sure going to lose it. They are too embarrassed about missing a payment or two and they won’t talk to the lender. Don’t do this if you want to keep your home. The bank doesn’t want your house and they will help you keep it if you really want to hold onto it. You can save your home right up until the very end of the Nebraska foreclosure process if you are keeping touch with the bank throughout the entire time.

The home will go to auction at the end of the Nebraska foreclosure process if you cannot get caught up on your payments. However, you can save your home and the bank may offer several options for you to save your home and get caught up. Some banks are actually offering forgiveness to borrowers on the arrearages and allowing them to begin making their payments as if they never missed a single one. Never assume that once you receive the first notice of default that you have for sure lost your home. You can save your home throughout the entire process of a foreclosure no matter which stage it is in if you keep in touch with the bank.

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