§ 76-2701 Act, how cited
§ 76-2702 Legislative findings and intent
§ 76-2703 Definitions, where found
§ 76-2704 Associate, defined
§ 76-2705 Equity purchase contract, defined
§ 76-2706 Equity purchaser, defined
§ 76-2707 Evidence of debt, defined
§ 76-2708 Foreclosure consultant, defined
§ 76-2709 Foreclosure consulting contract, defined
§ 76-2710 Holder of evidence of debt, defined
§ 76-2711 Homeowner, defined
§ 76-2712 Residence in foreclosure, defined
§ 76-2713 Foreclosure consulting contract; form; notice required; right to cancel; notice
§ 76-2714 Homeowner; right to cancel foreclosure consulting contract; notice; when effective; repayment of funds
§ 76-2715 Foreclosure consulting contract; provisions prohibited
§ 76-2716 Foreclosure consultant; prohibited acts
§ 76-2717 Foreclosure consultant or associate; unconscionable transaction or contract; review by court
§ 76-2718 Foreclosure consulting contract and notices; English required; translation into other language
§ 76-2719 Equity purchase contract; form
§ 76-2720 Equity purchase contract; contents; notice
§ 76-2721 Homeowner; right to cancel equity purchase contract; limitation; when effective
§ 76-2722 Equity purchase contract; Notice of Cancellation; form; copy provided to homeowner
§ 76-2723 Option to repurchase; conditions
§ 76-2724 Equity purchase contract; provisions prohibited
§ 76-2725 Equity purchaser; duties; prohibited acts
§ 76-2726 Equity purchaser or associate; unconscionable transaction or contract; review by court
§ 76-2727 Equity purchase contract and related documents and instruments; English required; translation into other language
§ 76-2728 Violation; penalty
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Terms Used In Nebraska Statutes > Nebraska Foreclosure Protection Act

  • Acquire: when used in connection with a grant of power or property right to any person shall include the purchase, grant, gift, devise, bequest, and obtaining by eminent domain. See Nebraska Statutes 49-801
  • Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
  • Associate: means a partner, a subsidiary, an affiliate, an agent, or any other person working in association with a foreclosure consultant or an equity purchaser. See Nebraska Statutes 76-2704
  • Attorney: shall mean attorney at law. See Nebraska Statutes 49-801
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Equity purchase contract: means an agreement between an equity purchaser and a homeowner pertaining to the acquisition of title to the homeowner's personal residence. See Nebraska Statutes 76-2705
  • Equity purchaser: means a person who, in the course of the person's business, vocation, or occupation, acquires title to a residence in foreclosure. See Nebraska Statutes 76-2706
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Evidence of debt: means a writing that evidences a promise to pay or a right to the payment of a monetary obligation such as a promissory note. See Nebraska Statutes 76-2707
  • Forbearance: A means of handling a delinquent loan. A
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Foreclosure consultant: means a person who:

    (a) Does not, directly or through an associate, take or acquire any interest in or title to the residence in foreclosure. See Nebraska Statutes 76-2708

  • Foreclosure consulting contract: means any agreement between a foreclosure consultant and a homeowner. See Nebraska Statutes 76-2709
  • Foreign: when applied to corporations shall include all those created by authority other than that of this state. See Nebraska Statutes 49-801
  • Grantee: shall include every person to whom any estate or interest passes in or by any conveyance. See Nebraska Statutes 49-801
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Holder of evidence of debt: means the person in actual possession of or otherwise entitled to enforce an evidence of debt, except that holder of evidence of debt does not include a person acting as a nominee solely for the purpose of holding the evidence of debt or deed of trust as an electronic registry without any authority to enforce the evidence of debt or deed of trust. See Nebraska Statutes 76-2710
  • Homeowner: means the owner of a residence in foreclosure, including a vendee under a contract for deed to real property as defined in section 45-1002. See Nebraska Statutes 76-2711
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Month: shall mean calendar month. See Nebraska Statutes 49-801
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
  • Person shall: include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
  • Personal property: All property that is not real property.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Process: shall mean a summons, subpoena, or notice to appear issued out of a court in the course of judicial proceedings. See Nebraska Statutes 49-801
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Residence in foreclosure: means a residence or dwelling that is occupied as the homeowner's principal place of residence and against which any type of foreclosure action, including, but not limited to, the filing of a notice of default of a deed of trust or the filing of a lawsuit to foreclose a mortgage or other lien, has been commenced. See Nebraska Statutes 76-2712
  • Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
  • Statute: A law passed by a legislature.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall include territories, outlying possessions, and the District of Columbia. See Nebraska Statutes 49-801
  • Venue: The geographical location in which a case is tried.
  • Violate: shall include failure to comply with. See Nebraska Statutes 49-801
  • Year: shall mean calendar year. See Nebraska Statutes 49-801