Black & LoBello

What is the foreclosure process in Nevada?  The answer can help a homeowner decide what course of action to take in this stressful situation.

A foreclosing lender in Nevada is entitled to a nonjudicial foreclosure of its Deed of  Trust.  The Deed of Trust secures the payment of the promissory note given by the homeowner to the lender at the time the loan is made.

A nonjudicial foreclosure means that the lender need not file a court case to pursue the foreclosure.  Nevada lenders are entitled to a Trustee’s sale of the property once the mandatory foreclosure time period has passed.

The foreclosure process takes a minimum of 111 days. The process begins with the filing and service of the Notice of Default (NOD).  The NOD is filed with the county real property records.

The NOD starts the 35-day reinstatement period.  During this period the homeowner may reinstate the loan by paying all delinquent payments, Trustee fees, and other expenses.

Starting on the 36^th day after the NOD the homeowner can avoid the Trustee’s sale only by paying the entire loan amount together with the associated fees and expenses.

During the final 21 days of the 111 day foreclosure period the Trustee  must publish a notice of sale once each week for three successive weeks.

The actual sale site may be the Trustee’s office or other location.  The lender will bid in the amount of its debt.  This is generally the winning bid.  The lender takes title to the property after the sale.

It is important to note that after the sale the homeowner has no right of redemption for the property.

Watch for future posts about the lender’s right to a deficiency judgment against the homeowner and other foreclosure topics.