With about 500 Omaha homes in the ongoing pain of foreclosure, the recurrent question is how to avoid foreclosure in Omaha, Nebraska. Google “Zillow and Omaha” and you will see the Omaha area locations of foreclosures for sale and potential foreclosures. What does it take to avid foreclosure?
How to avoid foreclosure? Answer these questions with a No!
If you answered “Yes” to any of these questions, you may be facing possible trouble leading to foreclosure. Don’t ignore the warning signs. The approaching signs of trouble should spur you into action.
Contact your lender and level with them. They may be aghast at the extent of your problem, but they have seen this before and will demand you take steps to fix it. That may require you selling your toys and making major cuts in your spending.
Do not ignore your mail. Many have been in your shoes. The first thing many did when the mail came was throw the bills in a drawer. Those first envelopes will contain helpful suggestions to get things under control. Then will come legal action. Ignoring these notices can cause you to lose everything.
Know the Process of Foreclosure: Nebraska now primarily operates as a title theory state where the property title remains in trust until payment in full occurs for the underlying loan. The primary statute under which such foreclosures are undertaken is called the Nebraska Trust Deeds Act. Foreclosure is a non-judicial remedy under this theory.
Prior to initiating a foreclosure the lender must serve a notice of default and notice of sale must be recorded with the register of deeds. Not less than ten (10) days after the recordation of the notice of default a copy must be sent to the borrower and others such as junior lien holders or those have requested such notice.
A notice of foreclosure sale, which is usually incorporated with the notice of default, must be sent to the borrower and all interested parties 20 days prior to the date of the sale.
Generally the notice of sale must be advertised for five (5) consecutive weeks with the last publication at least ten (10) days before the sale but no more than thirty (30) days before the sale.
Contact Professionals – Your banker may be able to refinance the loan or your creditors may be able to give you repayment options. Contact a credit counselor. Sure you will feel like a failure or worse, but take responsibility for your actions. Contact a bankruptcy attorney. That sounds contrary to taking responsibility, but you need to know your options so you can make informed decisions.
Contact a professional real estate investor. You may want to sell your home fast to get out of the problem or to save your credit rating. Styl Properties, Inc. is here to help homeowners out of any kind of distressed situation. As investors, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Beware of foreclosure scammers. Do not sign over your deed to them and then rent it back. Real professionals do not charge up-front fees for their services or want you to make mortgage payments to them.
In summary, recognize approaching trouble, don’t procrastinate, do something, and seek professional help.
Give us a call today at 402.909.0686 to let us know what YOU need help with!