The attorney has printed a notice in our paper on Oct 9 that it will go up for public action on Nov.16th. We found out we could get financial help on friday. Can we stop this action now without it going up for auction? We live in Nebraska. Pleeze give us any advice you have. Thanx.
2007-10-13 09:40:07 · 7 answers · asked by mrscda 1 in Business & Finance ➔ Renting & Real Estate
Contact your bank, but if you pay it off by Nov 15th this will end.
2007-10-13 09:45:09 · answer #1 · answered by Landlord 7 · 0⤊ 0⤋
In Nebraska, the court may order the entire property to be sold, or just some part of it. The order of sale may be delayed for up to nine (9) months after the judgment if the borrower files a written request for a delay with the clerk of the court within twenty (20) days after the judgment is rendered. Otherwise, the order commanding the sale of the mortgaged property will be given twenty (20) days after the judgment.
The borrower has the right to cure the default at any time while the suit is still pending by paying the delinquent amount owed on the mortgage, as well as any interest and costs that have accrued. However, the court may still enter a decree of foreclosure and sale, which may be enforced if the buyer goes into default on the mortgage again in the future.
The sheriff must give public notice of the time and place of the sale by:
1) posting the notice on the courthouse door; 2) posting the notice in at least five other public places in the county where the property is located; and 3) by advertising the property for sale once a week for a period of four (4) weeks in a newspaper published in the county where the property is located.
The court must confirm the sale after it takes place and once this is occurs, the borrower has no right of redemption.
2007-10-13 10:37:51 · answer #2 · answered by meshell_my_belle 2 · 1⤊ 0⤋
Answerer before me has basically everything except that the lenders do *NOT* want to foreclose on any more properties right now.
To be truthful, you should have called the lender and explained your situation as soon as you knew you were going to be late with a payment. Lenders will always work with anyone to a reasonable extent, but now they're bending over backwards. Foreclosures are 1) bad publicity, 2) bad for their relationship with the secondary loan market, and 3) almost certain to lose them a blortload of money.
Call them this instant (or as soon as they open on Monday) and ask for Loss Mitigation. They will not be as forgiving as if you'd called them right away, but they're still likely to be willing to work something out. Just about anything is better than losing it through foreclosure, I might add, so you be willing to give as much as you can to encourage them.
2007-10-13 12:29:38 · answer #3 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Be care full! Who is going to give you help? Contact the lender you are currently paying, and ask for the "loss mitigation dept.". See if your lender will consider a forbearance agreement, or modification of mortgage. DO NOT make any other agreements with anyone else! Most lenders are working with their customers to avoid foreclosure. If you can prove you can make payments, and show why you have been late , and have corrected the situation, most lenders will negotiate a pmt. plan. Good Luck!
2007-10-13 10:32:38 · answer #4 · answered by diesel6999999 3 · 0⤊ 0⤋
You will have to catch up your back payments plus whatever fees the bank assess and attorney fees before the sale date. This is usually around $1000 plus all back payments.
2007-10-13 09:50:18 · answer #5 · answered by ebosgramma 5 · 0⤊ 0⤋
As long as you bring the loan current by November 15th, you'll be OK. If you don't bring it current, it will be auctioned off as advertised.
2007-10-13 10:09:17 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
It is obvious the bank is not interested in your house, but only in getting their money back. If you make arrangements for that, they will leave you alone.
Commonsense........!!
2007-10-13 09:52:53 · answer #7 · answered by Nightrider 7 · 0⤊ 0⤋