What is Foreclosure in Bellevue, Nebraska?

Find the right Foreclosure Bankruptcy attorney in Bellevue, NE

Foreclosure is a judicial procedure allowing mortgage lenders to take ownership and/or possession of the debtor's real estate (which was used to secure the loan) in the event of nonpayment in Bellevue, Nebraska. Foreclosure normally requires the house to be sold at an auction. Normally, banks want to rid themselves of the property as soon as they can, in order to gather as much money as possible.

In all states in the U.S., including Nebraska, foreclosure by judicial sale is allowed. Under this system, the sale is overseen by a court of law, to ensure that the bank makes a good effort to get a reasonable price at the auction, and that any proceeds above the balance of the mortgage go back to the borrower. In numerous states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the debtor for the balance, if the sale nets less than the amount due. You should consult an attorney in Bellevue, Nebraska to learn the details of the law here. You should also know that this rarely applies to loans that have been refinanced.

How Can I Avoid Foreclosure in Nebraska?

Most importantly, you must not dismiss the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be straightforward with them. It is important to remember that banks don't really want to own homes in Bellevue. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will allow you to keep paying them in the long run.

If you believe that foreclosure is imminent, there are some other avenues. For example, you may be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can receive, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. You may also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a comparatively small loss, and allows the homeowner to keep their home.

How Can A Bellevue, Nebraska Attorney Help?

If you are faced with the possibility of foreclosure in Bellevue, Nebraska, an lawyer may be able to help. At the very least, he or she can advise you of your legal options.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Bellevue

Bellevue is the oldest city in the state of Nebraska. It was incorporated in 1855 and currently has a population of approximately 49,000 people. The city is part of Sarpy County. The word "Bellevue" is French for "beautiful view", as the city is rich in pristine forest areas. For example, Fontenelle Forest is located in Bellevue. It is a privately owned forest area containing 17 miles of trails suitable for hiking. The area has many views of the surrounding scenery including the Missouri River. Another popular tourist location is Hayworth Park, which has a walking trail that crosses many miles of Bellevue. The economy of Bellevue is currently fueled by expansions in the civilian sector. The commercial, residential, industrial, and construction industries are growing rapidly in the city of Bellevue. Offutt Air Force Base is also located near Bellevue. The base is headquarters for the Air Force Weather Agency, the 55th Air Combat Command Wing, and the U.S. Strategic Command (U.S. "Stratcom") Lawyers in Bellevue usually handle a variety of civil and criminal cases, as well as issues in family, real estate, and financial matters. Bellevue, Nebraska lawyers usually litigate their clients' cases at the Sarpy County Courthouse. More advanced cases are heard at the Sarpy County District Court.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY