topbar.gif
logo.gif
 
Foreclosure Home PageForeclosure Clients OnlyForeclosure TestimonialsGuaranteeContact Foreclosure Help

Nevada Foreclosure

Free Consultation Services About Us FAQ'S State By State
Free INSTANT Mortgage Audit

Getting started is easy. The first step is to determine the likelihood of your loan being fraudulent. If your loan has initial indications of fraud we offer a 100% money back guarantee. To find out just fill out the form below for a free instant morgage audit.

First Name
Last Name
State
Day Phone
E-mail
Mortg. Co.

Was Your Original Loan an...
Loan Modified
Yes
 No
Ajust. Rate
Yes
 No
Stated Income
Yes
 No
Sub Prime
Yes
 No
No $ Down
Yes
 No
Interest Only
Yes
 No

How Many Times Has Loan Been Sold
0 1 2 3 4 5+

For Privacy Issues Please Enter the Following:
Enter User Name
Enter
Password
Re-enter Password



NEWS ALERT!!!

A new court ruling had changed the foreclosure process. We now have new ways to force the mortgage companies to work with home owners currently in foreclosure and may even be able to invalidate foreclosures on homes that have already been lost. Click here to find out more!


Nevada Foreclosure Process
If you do not FULLY understand the foreclosure process outlined on this page and how it may apply to you please take advantage of our FREE consultation by clicking here. The Process

Judicial foreclosure available: Yes

Non-Judicial foreclosure available: Yes

The lender may use a deed of trust with a power of sale clause as the mortgage. This permits the lender to foreclose by following a statutory procedure for sale without the necessity of filing a lawsuit in court.

Preliminary Notices

Non-judicial Foreclosure

The borrower has three months from the date a notice of default and election to sell is recorded to perform and cure the default under the deed of trust. If the borrower fails to do so, then the property will be sold at foreclosure. Recording A notice of default and election to sell must be recorded by the deed of trust's trustee.

Mailing

A copy of the notice of default and election to sell must be mailed certified, return receipt requested, to the borrower and any owner of the property on the date the notice is recorded. The notice must be mailed to the last ad dress the lender has, but if the current address of the borrower is not known, the trustee may send it to the property in foreclosure. The trustee must send the notice of default and election to sell to the borrower within l( days of recording the same to anyone who recorded a re quest for such a notice.

Advertising and Posting

The property must be advertised and posted in the same manner as for an execution sale.

Cure

The borrower has 35 days from the first day following the day on which the notice of default and election to sell was recorded to cure the default. The borrower ma) cure the default by performing under the loan agreement Usually this would mean paying the missed payments or other sums due to the lender, but not the accelerated loan balance.

Sale Procedures

Time

The time of sale must be specified in the foreclosure notice. It should be for a time no less than that which would be specified for an execution sale.

Place

The foreclosure sale may be made at the trustee's office, even if the office is not in the same county as the property.

Manner

The property should be sold in the manner required by law for the sale of real property on execution.

Special Procedures

The court may issue an injunction to restrain waste (destruction) of the property during foreclosure.

Deficiency

If the foreclosure fails to generate sufficient proceeds to pay off what remained due on the loan, then the lender may sue for a deficiency within three months after the foreclosure sale. A hearing will be held to determine the market value of the property. Notice of such hearing must be served at least 15 days before the hearing. An appraiser may be appointed by the court, on its own motion or on request, to have the foreclosed property appraised to find the market value. At the hearing, the greater of the market value or the foreclosure sale price must be credited against what remained unpaid on the loan. The court may award a deficiency judgment for the difference. The deficiency judgment must be sought within six months after the date of foreclosure. Even if multiple properties are being foreclosed on by the lender, the deficiency must be sought within two years of the initial foreclosure on the first of the multiple properties.

Redemption

A deed of trust sale gives the foreclosure purchaser clear title free of any right of redemption for the old borrower. There is a one year redemption on judicial sales.

 


This information is a general overview of the Nevada foreclosure laws. We don't guarantee it's accuracy as house foreclosure laws can change. Please contact us directly at 1-866-404-5170 we would be happy to assist with any questions you may have.

Copyright 2011 Audit Foreclosure 1 866-404-5170 - Assisting homeowners facing Nevada foreclosure