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Summary:
| Judicial Foreclosure |
Yes |
| Non-Judicial Foreclosure |
Yes |
| Security Instruments |
Mortgage |
| Right of Redemption |
None, after confirmation of sale |
| Deficiency Judgments |
No |
| Time Frame |
Usually 180 days |
Only judicial foreclosure is allowed in Nebraska. The lender sues the defaulted borrower and the court issues a judgment of foreclosure stating the delinquent amount and gives the borrower a short time to bring the loan current. If the borrower fails to do so, the court issues an order of sale, and the clerk of the court then advertises the property for sale. The court may also order part or all of the property to be sold.
- The borrower can delay the order of sale for up to nine months by filing a written request for delay with the clerk of the court within twenty days following judgment of foreclosure. Otherwise, the order of sale will be issued twenty days following the rendering of the judgment.
- At any time, while the suit and order of sale are pending, the borrower may cure the default by brining the loan current and paying any accrued costs. The judgment of foreclosure and order of sale remain standing and may be enforced should the borrower again go into default in the future.
- If the sale is to go forward, the sheriff must post the notice of sale, giving the time and place of the sale on the door of the county courthouse, in five other public places in the county, and publish the notice of sale weekly for four consecutive weeks in a newspaper of general circulation and published in the county in which the property is located.
- The court must then confirm the sale. Once this occurs, the borrower has no right of redemption. Deficiency judgments are not permitted.
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