Nevada
In these tough economic times, it can be difficult to meet payments. Many Americans are in danger of losing their homes due to unpaid loans or defaulted mortgages but we are here to stop that from happening to you. Turn to our featured foreclosure lawyers in Nevada to ensure that you will not have your home repossessed.
Our featured foreclosure attorneys do all they can to come up with an alternative to foreclosure for you that both you and the lenders will be satisfied with. Some options include reducing your monthly principal, refinancing your line of credit, short sale, or even putting a stop on your payments.
Trust that our foreclosure lawyers in Nevada will come up with a solution for you. Call today to set up a meeting with a leading paralegal in your city.
Judicial Foreclosure Available: Yes Non-Judicial Foreclosure Available: Yes Security Instruments: Mortgage, Deed of Trust Right of Redemption Period: Judicial Foreclosure Only; 12 Months Deficiency Judgments Allowed: Yes Time Frame: 60-120 Days Public Notice: Notice of Default
Nevada is considered to be a title theory state, which means that a property title will remain in trust until the loan is paid in full. In the state, a title can be secured by either a mortgage or a deed of trust, both of which serve the same purpose.
Foreclosure laws in Nevada allow for both judicial and non-judicial foreclosure. There is a twelve (12) month right of redemption period for borrowers only with judicial foreclosure proceedings. Lenders in Nevada may seek a deficiency judgment in the event that the defaulted property is sold for less than what was owed on the loan with both foreclosure methods. If approved, the borrower will be held responsible to pay the remaining balance.
Judicial Foreclosure
Judicial foreclosure, also known as foreclosure by judicial sale, involves selling the defaulted property under court supervision. In order for a judicial foreclosure to be possible, no power of sale clause may be present in the loan documents.
To initiate a judicial foreclosure in Nevada, the lender must file a lawsuit to obtain a court order to foreclose. If the court declares a foreclosure, the defaulted property will be auctioned off to the highest bidder. Only judicial foreclosure proceedings allow for a right of redemption period in Nevada. After the foreclosure sale, the borrower will have twelve (12) months to reclaim property.
Non-Judicial Foreclosure
Non-judicial foreclosure, which is also known as foreclosure by power of sale, is possible when the loan documents contain a power of sale clause. Non-judicial foreclosures allow for the property to be sold without court supervision and are usually much faster and less expensive than judicial foreclosures.
There are two ways in which a non-judicial foreclosure in Nevada can proceed. If the power of sale clause states a specific time, place, and outlines terms of sale, then the lender must follow the procedure that is stated. If there is no specification, then the sale must follow the following guidelines:
Power of Sale Guidelines:
1. A copy of the notice of default and election to sell must be sent via certified, return receipt requested mail to the borrower the same day they are recorded in the county where the property is located.
2. The day after the notice of default and election are recorded and mailed, the borrower will have between fifteen (15) to thirty-five (35) days to pay off the loan and other fees. The timeframe will depend on the date of the original mortgage or deed of trust.
3. The property owner may stop the foreclosure proceedings by filing an “Intent to Cure” with the Public Trustee’s office at least fifteen (15) days before the scheduled foreclosure sale and then must pay off the loan and additional fees by noon the day before the foreclosure sale.
4. The foreclosure sale will be held at the place, the time and on the date stated in the notice of default and election. It must be conducted in the same manner as for real property. The sale must be held at least three (3) months after the notice of default and election to sell are recorded.
5. Lenders have three (3) months after the sale file for a deficiency judgment. With non-judicial foreclosure proceedings, borrowers do not have a right of redemption.
If you are behind on your mortgage or have already received a notice of default and election to sell, it is still not too late to prevent your home from being repossessed. Turn to a leading foreclosure attorney in Nevada to fight for your rights and stop foreclosure on your home. With the help of a skilled team of foreclosure attorneys, your case will end in your favor. Your foreclosure lawyer will devise a plan of action in lieu of foreclosure that may include mortgage modification, refinancing or even a temporary halt in payment. Since the process of foreclosing a property costs lenders money, if an adequate plan is proposed, your lender will most likely agree to it.
Speak to an acclaimed team of foreclosure lawyers in Nevada today to discuss your options and file a claim. As a homeowner in Nevada, you have rights. Fight for them today and prevent your home from being repossessed.
