Lenders deprived of debt repayments from borrowers can seek judicial or non-judicial foreclosure under Nebraska foreclosure laws.
- The laws typically take a time period of 120 days or less for completing the court proceedings and for issuing the foreclosure order.
- The Deed of Trust and Mortgage are recognized as primary security instruments.
- Borrowers are given the right to redemption and also deficiency judgments.
- The non-judicial process comes into play in cases where the power of sale clause is not incorporated in the Deed of Trust.
- The foreclosure under non-judicial process will take place at the specified time, date and place mentioned in the notice of default.