Nebraska Statutes 76-2725. Equity purchaser; duties; prohibited acts
(1) The equity purchase contract provisions required by sections 76-2719 to 76-2724 shall be provided and completed in conformity with such sections by the equity purchaser.
Terms Used In Nebraska Statutes 76-2725
- Contract: A legal written agreement that becomes binding when signed.
- 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
- 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
- Homeowner: means the owner of a residence in foreclosure, including a vendee under a contract for deed to real property as defined in section Nebraska Statutes 76-2711
- 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.
- 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
(2) Until the time within which the homeowner may cancel the transaction has fully elapsed, the equity purchaser shall not do any of the following:
(a) Accept from a homeowner an execution of, or induce a homeowner to execute, an instrument of conveyance of any interest in the residence in foreclosure;
(b) Record with the register of deeds any document, including, but not limited to, the equity purchase contract, or any lease, lien, or instrument of conveyance that has been signed by the homeowner;
(c) Transfer or encumber or purport to transfer or encumber an interest in the residence in foreclosure to a third party; or
(d) Pay the homeowner any consideration.
(3) Within ten days following receipt of a notice of cancellation given in accordance with sections 76-2721 and 76-2722, the equity purchaser shall return without condition the original equity purchase contract and any other documents signed by the homeowner.
(4) An equity purchaser shall not make any untrue or misleading statements of material fact regarding the value of the residence in foreclosure, the amount of proceeds the homeowner will receive after a foreclosure sale, any equity purchase contract term, the homeowner’s rights or obligations incident to or arising out of the sale transaction, or the nature of any document that the equity purchaser induces the homeowner to sign or any other untrue or misleading statement concerning the sale of the residence in foreclosure to the equity purchaser.