The first step in the Nebraska foreclosure recovery process is to inform your lender when you can't make your payments on time. Lenders do not want your home because they usually end up losing money in the foreclosure recovery process.

Lenders are therefore motivated to try all options that NE foreclosure law allows, including forbearance, partial claim, payment modification and payment suspension. However, you will have more options if you are only a payment or two behind.

There are three key actions that experts in the foreclosure business in Nebraska recommend:

1. Answer any correspondence that you receive from your lender. These notices will contain important information on the foreclosure recovery process in Nebraska and pending legal action.
2. Raise short-term money to make a missed payment. This may include the sale of a second car or jewelry, or a currently-unemployed household member may be able to get a job.
3. Avoid foreclosure recovery scams. Many companies that claim to be able to stop your foreclosure will charge you for free information. Others may attempt to obtain the title to your house.
   

Action Steps
The best contacts and resources to help you get it done

Know how state of Nebraska foreclosure law will affect you

Laws on foreclosure vary considerably by state so you should be familiar with at least a summary of the foreclosure laws in Nebraska. You should also read your loan documents to know what your lender can do before speaking to any Nebraska foreclosure attorneys.

I recommend: In addition to a summary of Nebraska law, American Foreclosure Specialists provides a description of possible strategies for avoiding a foreclosure on your home. Foreclosurelaw.org offers a summary of Nebraska foreclosure laws and a glossary of common foreclosure terminology.

Get assistance with Nebraska foreclosure recovery information

There are housing counselors and online resources available to help you understand your options, assist you in organizing your finances and negotiate with your lender if needed.

I recommend: Visit the National Foundation For Credit Counseling’s Homeowner Crisis Resource Center for information and tools to get started understanding your foreclosure options. The Homeownership Preservation Foundation offers a hotline that provides free foreclosure prevention counseling by HUD-approved agencies.

Retain a Nebraska foreclosure attorney

If you need to sign documents, you may need a lawyer who is an expert in foreclosure laws. Nebraska attorneys that do not have foreclosure law experience may at least be able to make a referral.

I recommend: Abrahams Kaslow & Cassman in Omaha has an extensive practice that includes real estate law as one of their core areas. Mark John Malousek provides advice in several areas of real estate including foreclosures.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like 'guarantee' and '97% success rate', upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.

I recommend: Educate yourself about foreclosure recovery scams through the Federal Trade Commission. The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Speak with a manager when you contact your mortgage company as part of your Nebraska foreclosure recovery process. The front-line operator will normally be interested only obtaining your payments that are past due. Ensure you have your loan number, household expenses and recent pay stubs handy and provide a brief, honest account of your financial circumstances. You will also want to get the direct contact information for the manager to whom you are speaking.