Bank Foreclosure Process

Bank Foreclosure Process

Bank Foreclosure Process | Stylproperties

What is the bank foreclosure process?  If you answer “Yes” to the following questions, you may find out fairly soon.

  • Are you having difficulty paying the mortgage?
  • Do you have very little savings for emergencies?
  • Do you use credit cards to get to the next payday?
  • Are you only paying the minimum on your cards each month?
  • Are you neglecting doctor and dental visits?
  • Do you shrink at the ring of the phone?

Then you must 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 significant cuts in your spending.

Know the Bank Foreclosure Process:

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.

First will come the mail. Many have been in your shoes. The first thing many did when the letters came from the bank was to throw the bills in a drawer. Those first envelopes will contain helpful suggestions to get your mortgage under control. Then will come legal action. Ignoring these notices can cause you to lose everything.

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 recording 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 notification.

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. 

You Need Not Lose Your House If You Do the Following:

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.  We offer you the simple 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.

FREE information on How to sell your house fast

Styl Properties, Inc. is here to help homeowners out of any distressed situation.  

Give us a ring. We would love to help you understand the process and to answer all of your questions. You can reach us at 402 999.0577

Give us a call today at 402.909.0608 to let us know what YOU need help with!

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