Nevada
Foreclosure Law
Summary
Quick
Facts
-
Judicial Foreclosure Available:
Yes
-
Non-Judicial Foreclosure
Available: Yes
- Primary
Security Instruments: Deed of
Trust, Mortgage
-
Timeline: Typically 120
days
- Right
of Redemption:
Yes
-
Deficiency Judgments Allowed:
Yes
In Nevada,
lenders may foreclose on deeds of
trusts or mortgages in default
using either a judicial or
non-judicial foreclosure
process.
Judicial
Foreclosure
The judicial
process of foreclosure, which
involves filing a lawsuit to
obtain a court order to
foreclose, is used when no power
of sale is present in the
mortgage or deed of trust.
Generally, after the court
declares a foreclosure, your home
will be auctioned off to the
highest bidder.
The borrower
has one year (12 months) after
the foreclosure sale to redeem
the property if the judicial
foreclosure process is
used.
Non-Judicial
Foreclosure
The
non-judicial process of
foreclosure is used when a power
of sale clause exists in a
mortgage or deed of trust. A
"power of sale" clause is the
clause in a deed of trust or
mortgage, in which the borrower
pre-authorizes the sale of
property to pay off the balance
on a loan in the event of the
their default. In deeds of trust
or mortgages where a power of
sale exists, the power given to
the lender to sell the property
may be executed by the lender or
their representative, typically
referred to as the trustee.
Regulations for this type of
foreclosure process are outlined
below in the "Power of Sale
Foreclosure
Guidelines".
Power of
Sale Foreclosure
Guidelines
If the deed of
trust or mortgage contains a
power of sale clause and
specifies the time, place and
terms of sale, then the specified
procedure must be followed.
Otherwise, the non-judicial power
of sale foreclosure is carried
out as follows:
- A copy of
the notice of default and
election to sell must be mailed
certified, return receipt
requested, to the borrower, at
their last known address, on
the date the notice is recorded
in the county where the
property is located. Any
additional postings and
advertisements must be done in
the same manner as for an
execution sale in Nevada.
Beginning on the day after the
notice of default and election
was recorded with the county
and mailed to the borrower, the
borrower has anywhere from
fifteen (15) to thirty five
(35) days to cure the default
by paying the delinquent amount
on the loan. The actual amount
of time given is dependent on
the date of the original deed
of trust.
- The owner of
the property may stop the
foreclosure proceedings by
filing an "Intent to Cure" with
the Public Trustee's office at
least fifteen (15) days prior
to the foreclosure sale and
then paying the necessary
amount to bring the loan
current by noon the day before
the foreclosure sale is
scheduled.
- The
foreclosure sale itself will be
held at the place, the time and
on the date stated in the
notice of default and election
and must be conducted in the
same manner as for an execution
sale of real
property.
Lenders have
three (3) months after the sale
to try and obtain a deficiency
judgment. Borrowers have no
rights of redemption.
More information on Nevada
foreclosure laws
DISCLAIMER
