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<h3>Foreclosure Process Overview</h3>
<p>Both court and out-of-court foreclosures are available in Nebraska. The typical foreclosure process can last 4-6 months.</p>
<table id="state_overview" width="100%" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td style="text-align: center;"><strong>Judicial</strong></td>
<td style="text-align: center;"><strong>Non Judicial</strong></td>
<td style="text-align: center;"><strong>Comment</strong></td>
<td style="text-align: center;"><strong>Process Period</strong></td>
<td style="text-align: center;"><strong>Publish Sale</strong></td>
<td style="text-align: center;"><strong>Redemption Period</strong></td>
<td style="text-align: center;"><strong>Sale/NTS</strong></td>
</tr>
<tr>
<td style="text-align: center;">•</td>
<td style="text-align: center;"></td>
<td style="text-align: center;">Judicial only</td>
<td style="text-align: center;">142 days</td>
<td style="text-align: center;">N/A</td>
<td style="text-align: center;">None</td>
<td>Sheriff</td>
</tr>
</tbody>
</table>
<h3>Pre-foreclosure Period</h3>
<p>In most cases, court foreclosures are for mortgages, whereas out-of-court foreclosures are for deeds of trust. State law does not require a lender to send letters to the borrower prior to beginning the foreclosure process, but the mortgage or deed of trust may require it.</p>
<p>An out-of-court foreclosure is usually concluded within four months. Once a notice of default is filed and delivered to the borrower, a 30-day reinstatement period occurs during which the borrower can stop the foreclosure process by paying the amount due. After this reinstatement period, a trustee sale is scheduled.</p>
<p>Court foreclosures can take six months or longer, and mortgages must be foreclosed in this manner. Once the lender has filed the appropriate court documents and delivered notice of those court documents to the borrower, the borrower has 30 days to respond. If the borrower does not respond, the court issues a foreclosure ruling and a 20-day redemption period begins during which the borrower may stop the foreclosure by paying off the amount owed or request a postponement, delaying the sale for up to nine months. If the borrower does not redeem or postpone, the property is scheduled for public sale.</p>
<h3>Notice of Sale / Auction</h3>
<p>For an out-of-court foreclosure, the notice of sale must be published once per week for five weeks. The final notice must be published 10 to 30 days before the sale date. The trustee conducts the sale. The property is sold to the winning bidder, and the trustee issues a deed transferring ownership.</p>
<p>In a court foreclosure, the notice of sale must be published once per week for four weeks. Either a court official called the master commissioner or the sheriff conducts the sale, and the property is sold to the winning bidder. Typically 2-3 weeks after the sale, a hearing is conducted to confirm the sale; this is the final chance a borrower has to redeem the property. After the sale has been confirmed, a deed is issued that transfers ownership to the winning bidder.</p>
<blockquote>
<h4>More Resources</h4>
<p><a title="Learn how to prevent a home foreclosure" href="/real-estate-guides/foreclosure-prevention/">Learn how to prevent a home foreclosure</a><br />
<a title="Get help stopping a home foreclosure" href="/real-estate-guides/foreclosure-prevention/stop-foreclosure/">Get help stopping a home foreclosure</a><br />
<a title="Search foreclosures in Nebraska" href="http://www.realtytrac.com/mapsearch/nebraska-foreclosures.html">Search foreclosures in Nebraska</a><br />
<a title="Learn how to buy foreclosures" href="/real-estate-guides/how-to-buy-foreclosures/">Learn how to buy foreclosures</a></p>
</blockquote>
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Nebraska Foreclosure Laws

Nebraska Foreclosure Laws - RealtyTrac

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<p>Under Louisiana foreclosure laws, only judicial foreclosures are permitted. However, there are two types of judicial foreclosure in Louisiana: executory and ordinary. Louisiana foreclosures can take from 180 to 270 days, depending on whether the foreclosure is ordinary or executory and whether the homeowner contests the foreclosure. Executory foreclosures are technically judicial foreclosures but permit lenders to avoid many of the steps typically considered part of a judicial foreclosure. Ordinary judicial foreclosures follow the conventional timeline in which a lender sues a homeowner for mortgage loan delinquency and, ultimately, proves their case and is awarded a foreclosure judgment by the court. The ordinary process is more extensive and costly, and it works more like a lawsuit. This foreclosure process usually lasts about nine months. Most Louisiana foreclosures are executory in nature.</p>
<h2>The Louisiana Pre-Foreclosure Process</h2>
<p>As in most other states, federal law discourages the initiation of foreclosure proceedings in Louisiana until the borrower has fallen 120 days past due on their mortgage loan payments. Although this period of time is not officially part of the pre-foreclosure process, real estate investors should consider it an essential part of investment strategy because many homeowners in this stage feel they have entered “pre-foreclosure” and may be considering selling their properties.</p>
<p>When a Louisiana homeowner misses a payment on their home loan, the servicer has the option to extend a “grace period” during which the borrower may simply make the missed payment without incurring fees, fines, or penalties. In most cases, this period is about 15 days, but Louisiana foreclosure law does not set a definite length.</p>
<p>Lenders are required by federal loan servicing laws to contact the homeowner by phone or in person to discuss foreclosure alternatives and loss mitigation options no more than 36 days after each payment is missed. No more than 45 days after each payment is missed, the servicer must provide information about these options in writing and assign an individual to the case. Many Louisiana home loans also include provisions requiring lenders to send a “breach letter” to the borrower letting them know that they will face foreclosure if the debt remains unpaid and that the lender may have the option to accelerate the foreclosure if the delinquency goes unaddressed.</p>
<h3>Executory Foreclosures</h3>
<p>If a borrower has agreed in the terms of their loan that the lender may obtain a judgment “on default,” also called a “confession of judgment,” then the lender may file a foreclosure petition in court after pursuing all requisite pre-foreclosure actions. The lender attaches the mortgage to the foreclosure petition in order to have the court order the property seized and then sold. Homeowners can stall or halt this process by appealing the petition or bringing suit against the lender.</p>
<p>More details on executory foreclosures:</p>
<p>The executory process involves the lender using a mortgage that includes an “authentic act that imparts a confession of judgment” in which the borrower accepts the obligations under the mortgage. The lender is not required by state law to send any notification to the borrower before beginning the foreclosure process; however, the deed of trust or mortgage may include such a requirement. Either way, once the petition is filed, the borrower is served with a demand for the default amount. If the borrower does not provide the amount within three days, the court orders a writ of seizure and sale, and the clerk delivers it to the sheriff. The sheriff delivers the writ of seizure to the borrower. Louisiana foreclosure laws require the notice of seizure to include information about avoiding foreclosure, availability of free housing counseling, and the time, date, and location of the sheriff’s sale. The initial sale date cannot be sooner than 60 days from the date that the court signed the foreclosure order.</p>
<p>Once the sheriff serves the writ of seizure, they also must publish the notice of sale. The sale is a public auction, and the notice of sale must be published at least twice in a newspaper in the parish where the property is located. The sheriff conducts the sale, and anyone may bid including the borrower. The winning bidder must pay the sale price in cash on the day of the sale, or in some cases, within 30 days of the sale if a 10-percent deposit is made. The sheriff then issues a deed to the winning bidder.</p>
<h3>Deficiency Judgments and Rights of Redemption in Louisiana</h3>
<p>In the event that the sale of the Louisiana foreclosure does not bring in enough money to cover the money owed on the property, the lender can file suit for a deficiency judgment against the former homeowner. However, this is only an option if the property was appraised before the sale. In order to obtain a deficiency judgment, the lender must:</p>
<p>1.         <strong>File a separate suit after the executory foreclosure </strong>or</p>
<p>2.         <strong>Convert the executory procedure to an ordinary procedure</strong></p>
<p>This is important information for a real estate investor interested in buying Louisiana foreclosures because a potential seller should know under what circumstances they might face a deficiency judgment and owe additional money after losing their house via Louisiana foreclosure laws.</p>
<p>Louisiana does not offer former homeowners the right to redemption after the foreclosure sale. Once the sale is complete, a borrower has no recourse for recovering the home.</p>
<h3>What Happens When You Buy Louisiana Foreclosures?</h3>
<p>Once you have successfully purchased a Louisiana foreclosure, your deed will be recorded and you will have the right to get a writ of possession from the court. Once you obtain this, you can evict the former homeowner from the property. However, Louisiana, like many states, has enacted foreclosure and eviction moratoriums on at least one occasion since the housing crash in the mid-2000s. In April 2020, due to the COVID-19 pandemic, Louisiana Governor John Bel Edwards extended an executive order that would protect eligible borrowers and tenants from being evicted from their homes for nonpayment on their home loans or rent. In most cases, these properties may not get to the point of a foreclosure sale, but real estate investors who buy Louisiana foreclosures  must remain abreast of legislation and regulation that might affect their ability to acquire and control these properties.</p>
<p>RealtyTrac is here to help you buy investment properties whether this is your first deal or your 500<sup>th</sup>. Our vast database of national foreclosures, REOs, and bank-owned properties is perfect for helping you find the best real estate investment for you. <a href="https://www.realtytrac.com/profile/registration.aspx"><strong>Sign Up Now</strong></a><strong> </strong>and take full advantage of RealtyTrac’s FREE Trial, which allows you to search our real estate inventory free for 7 days. The perfect investment property could be waiting for you right around the corner!</p>
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Louisiana Foreclosure Laws

Louisiana foreclosure laws and pre-foreclosure processes are important for real estate investors. Get all the necessary information here on RealtyTrac

Louisiana Foreclosure Laws - RealtyTrac

<h3>Foreclosure Process Overview</h3>
<p>South Dakota foreclosures are accomplished most commonly through the court system. Certain mortgages may be foreclosed either in court or via advertisement, though foreclosure by advertisement is uncommon.</p>
<table id="state_overview" width="100%" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td style="text-align: center;"><strong>Judicial</strong></td>
<td style="text-align: center;"><strong>Non Judicial</strong></td>
<td style="text-align: center;"><strong>Comment</strong></td>
<td style="text-align: center;"><strong>Process Period</strong></td>
<td style="text-align: center;"><strong>Publish Sale</strong></td>
<td style="text-align: center;"><strong>Redemption Period</strong></td>
<td style="text-align: center;"><strong>Sale/NTS</strong></td>
</tr>
<tr>
<td style="text-align: center;">•</td>
<td style="text-align: center;">•</td>
<td style="text-align: center;">Judicial mostly</td>
<td style="text-align: center;">150 days</td>
<td style="text-align: center;">23 days</td>
<td style="text-align: center;">30-365 days</td>
<td>Sheriff</td>
</tr>
</tbody>
</table>
<h3>Pre-foreclosure Period</h3>
<p>In South Dakota, the foreclosure process is initiated by the lender submitting a complaint in court of the borrower’s default. For most foreclosures, the borrower has 30 days to answer court filing before the foreclosure process continues.</p>
<p>South Dakota does not require lenders to mail a default notice to the borrower before initiating the foreclosure process; however, many mortgages require this.</p>
<h3>Notice of Sale / Auction</h3>
<p>Once the court has ruled that the foreclosure can continue, the lender publishes a notice of foreclosure sale in a local newspaper. In addition, at least 21 days before the sale, the lender must deliver a written copy of sale notice to the borrower and any lien holders.</p>
<p>Once publication requirements are met, the county sheriff conducts a sale between the hours of 9 a.m. and 5 p.m. Anyone, including the lender may bid at the sale. After sale, the winning bidder is provided with a sale certificate and is entitled to a deed transferring ownership once the redemption period expires.</p>
<p>The borrower and any lien holders have the right to redeem the property and void the sale by repaying the total amount of the amount owed. Redemption also requires written notice to the purchaser and the person making the sale. The redemption period is six months unless the property is vacant, in which case the redemption period is two months.</p>


South Dakota Foreclosure Laws

South Dakota Foreclosure Laws - RealtyTrac

<h3>Foreclosure Process Overview</h3>
<p>Virginia law permits both in-court and out-of-court foreclosures, which are more often used. The typical out-of-court foreclosure in Virginia takes less than two months.</p>
<table id="state_overview" width="100%" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td style="text-align: center;"><strong>Judicial</strong></td>
<td style="text-align: center;"><strong>Non Judicial</strong></td>
<td style="text-align: center;"><strong>Comment</strong></td>
<td style="text-align: center;"><strong>Process Period</strong></td>
<td style="text-align: center;"><strong>Publish Sale</strong></td>
<td style="text-align: center;"><strong>Redemption Period</strong></td>
<td style="text-align: center;"><strong>Sale/NTS</strong></td>
</tr>
<tr>
<td style="text-align: center;">•</td>
<td style="text-align: center;">•</td>
<td style="text-align: center;">Trustee Sale mostly</td>
<td style="text-align: center;">45 days</td>
<td style="text-align: center;">14-28 days</td>
<td style="text-align: center;">None</td>
<td>Trustee</td>
</tr>
</tbody>
</table>
<h3>Pre-foreclosure Period</h3>
<p>The in-court foreclosure process, although rarely used, begins when the lender files a court document starting the foreclosure process. A court order can be issued which specifies the terms and conditions of the sale. After the court declares a foreclosure, the property will be auctioned, according to the terms set by the court.</p>
<p>The more common foreclosure process is used when the mortgage or deed of trust allows the lender to sell the property without going through the courts. The lender initiates this type of foreclosure by scheduling a foreclosure sale. Before doing this, the lender sends a notice of default to the borrower, giving them 30 days to pay off the default and prevent foreclosure.</p>
<h3>Notice of Sale / Auction</h3>
<p>Once the lender schedules the foreclosure sale, they must properly advertise the sale and notify the parties involved. In Virginia, the Notice of Sale publication dates vary based on the requirements of the deed of trust or state statute.</p>
<p>The newspaper where the notice of sale is published must be approved by court order certifying it has sufficient circulation within the county or city. The notice must include a legal description of the property, the terms of the sale, and the location, date, and time of the sale. Borrowers must receive at least 14 days notice before the foreclosure sale.</p>
<p>The trustee typically conducts the sale at the local courthouse between 9 a.m. and 5 p.m. The trustee announces the opening bid at the sale and may accept higher bids, with the property selling to the highest bidder. If no one bids, the foreclosing lender will win the bidding with the opening bid. The trustee completes the necessary documents to transfer ownership of the property to the highest bidder. The sale can’t be postponed, but it may be canceled, in which case the trustee would need to start the foreclosure process at the beginning to schedule a new sale.</p>
<p>In general, once the sale is final the borrower cannot redeem the property, but the lender may cancel the sale if the borrower is able to pay off what is owed.</p>
<p>A lender may pursue a borrower for a deficiency judgment if the highest bid does not pay off the total amount due plus applicable expenses.</p>
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Virginia Foreclosure Laws

Virginia Foreclosure Laws - RealtyTrac

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Judicial	Non Judicial	Comment	Process Period	Publish Sale	Redemption Period	Sale/NTS
•		Judicial only	142 days	N/A	None	Sheriff