If you are having trouble making your mortgage payments, if you are frustrated with being underwater or upside down with your mortgage, or if home foreclosure proceedings have already begun, our Norfolk and Omaha foreclosure law attorneys at Copple, Rockey, and Schlecht, P.C., L.L.O., are committed to helping individuals and families throughout Nebraska with mortgage default and home foreclosure issues.
Sometimes homeowners need help, and that's where our firm comes in. Call 402-371-4300 to arrange a consultation at one of our offices in Nebraska.
What Happens if Your House Goes Into Foreclosure?
The lender may complete a residential foreclosure using a judicial or nonjudicial method. Most residential foreclosures that occur in Nebraska are nonjudicial. That means the lender does not have to go to court to foreclose your home.
This process can move very quickly as a result. It is important to contact our foreclosure attorneys to learn about your potential options. These options may include filing a lawsuit yourself to challenge the nonjudicial foreclosure in court. Once your property has been sold, you may need to pay off the remaining amount owed on the loan, also known as the deficiency balance. The lender may file a lawsuit against you to collect this amount. Various other things can happen when the foreclosure is approved and your house is sold. You will likely get evicted, and the foreclosure will appear on your credit report for seven years. With the stakes being so high, it is crucial to work with an attorney who can protect your rights.
How Long Does It Take for a Bank To Foreclose on a Home?
Generally, the servicer must wait until the loan is over 120 days delinquent before starting a foreclosure, according to federal law. However, a foreclosure can sometimes begin sooner. This 120-day window of time is commonly referred to as the preforeclosure period. During it, you should receive notices and letters, as well as information about loss mitigation options. The entire foreclosure process can be varied and lengthy. It averages over 3,000 days in some states, and under 100 in others, depending on the differing laws and foreclosure timelines.
What Are the Steps in a Foreclosure?
A foreclosure generally moves through the following phases: Payment default Notice of default Notice of sale Foreclosure sale Eviction The foreclosure process is complicated and changes from one state to another. It is not uncommon for servicers and lenders to make mistakes or fail to complete certain steps. Do you suspect that your servicer or lender made an error or violated state and federal foreclosure laws? If so, contact our attorneys to learn about your rights in this situation.
Do I Lose My Equity in Foreclosure?
Generally speaking, home equity remains your property even in the event of a mortgage default and foreclosure. However, the foreclosure process itself can quickly whittle away at that equity. The lender can charge late-payment penalties, fees related to the foreclosure proceeding, and the expenses of the sale, among other things. This amount will be subtracted from any money that is left over after the house is sold and the loan is paid. Anything remaining is your equity.
What Is the Statute of Limitations for Foreclosure Cases?
There are several important deadlines to be aware of in foreclosure cases. For example, there is a statute of limitations that dictates when a lender must begin the foreclosure process. If a lender lets the statute of limitations expire, then it could lose the right to foreclose the property.
It is crucial to learn the statute of limitations in your state. If the lender starts the process after the statute of limitations runs out, that could be a defense for you to end the foreclosure. Statutes of limitations are complicated in foreclosure cases. Talk to our attorneys to learn more.
What Kind of Evidence Do I Need for Court?
If matters related to your foreclosure end up before a judge, you may need various documents and paperwork to support your claims. Our attorneys will help you identify and gather the necessary pieces of evidence, which may include but are not limited to the following items: Mortgage or deed of trust Promissory note Notices Signed agreements Records of payments
"Dave Copple and staff are top notch, from start to finish they are on point, caring, and do all they can to make you feel appreciated. Answers all questions immediately, they are truly a caring Law firm. If you ever need the services they provide, do not hesitate and give them a call. Dave and staff, we want to personally thank each and everyone of you for all you did for us! Danny & Carmen Petersen."
Representing the Interests of Homeowners
Being behind in mortgage payments or receiving a foreclosure notice can be overwhelming. Our knowledge and experience in foreclosure law can assist you with your rights and options during home foreclosure.
Foreclosure can have significant tax, legal, and financial consequences. Copple, Rockey, and Schlecht has successful experience representing homeowners in all stages of home foreclosure. However, more options, such as loan modification, are often available the sooner you contact us.
We will competently assess and negotiate your mortgage and foreclosure options. While strategies will vary depending on your specific circumstances, some of the options we may pursue include:
- Negotiation of your mortgage to avoid foreclosure
- Negotiation and approval of a short sale
- Strategic foreclosure
- Foreclosure defense due to an invalid foreclosure
- Filing for Chapter 13 bankruptcy
- Other strategies
When you are facing the stress of being unable to make your mortgage payments and the possibility of home foreclosure, you can trust in the experience and effective representation of our Nebraska foreclosure lawyers at Copple, Rockey, and Schlecht, P.C., L.L.O. Contact us online or give us a call at 402-371-4300 to schedule a consultation.