Introduction
When you are dealing with financial troubles, the last thing you want to worry about is your home. Unfortunately, in Nevada, if you are behind on your mortgage payments, the bank can begin the foreclosure process.
We want you to know what to expect if you are in the middle of foreclosure in Nevada. We will cover the laws and what you need to do to protect yourself.
Our Law Firm Is Here To Give You Sound Legal Advice
Your family’s future may be at stake, don’t go through this process alone. Let our legal experts help you get the best possible outcome. There are many things that can happen during foreclosure and we want to make sure that you are aware of your rights, as well as the potential risks involved.
Protect yourself and contact us today for a consultation on foreclosure law in Nevada. We’re here to help!
What You Will Learn From This Article
This article will give a brief overview of the Nevada foreclosure laws and what you can expect if you are facing foreclosure.
What Is Foreclosure?
Foreclosure is the legal process that allows a lender to take back the property if borrowers have defaulted on their mortgage loan.
When borrowers default on their loan, the lender has the right to initiate foreclosure proceedings. This is a legal process that allows the lender to take back the property. In most states, foreclosure is a judicial process, which means that it takes place through the court system. However, in Nevada, foreclosure is generally non-judicial, which means that it can be done without going through the court system.
If you are facing foreclosure in Nevada, it is important to understand the process and your rights. The first step in the foreclosure process is for the lender to send a Notice of Default to the borrower. The Notice of Default is also recorded with the Office of the County Recorder. The borrower is given 35 days from the date of the Notice of Default to cure the default by making all past-due payments.
If the borrower does not cure the default within this time period, the lender will send a second notice, often referred to as a Notice of Sale. The Notice of Sale cannot be sent earlier than 3 months after the Notice of Default has been recorded with the Office of the County Recorder. Like the Notice of Default, the Notice of Sale also gets recorded with the County Recorder’s office.
The Notice of Sale will indicate the time and place that the property will be sold. The sale cannot be scheduled for earlier than 20 days from the date of the Notice of Sale.
At the foreclosure sale, the property will be sold to the highest bidder. The proceeds from the sale will go towards paying off the balance of the loan. If there are any leftover funds, they will be paid to the homeowner. However, if the sale does not cover the entire amount of the loan, then the homeowner may be responsible.
Types of Foreclosure In Nevada
In Nevada, there are two types of foreclosure:
- -Judicial Foreclosure
- -Non-Judicial Foreclosure.
Judicial Foreclosure In Nevada
Judicial foreclosure is when the lender files a lawsuit against the borrower seeking a court order to sell the property. The borrower will be served with the lawsuit and has an opportunity to respond and contest the foreclosure. If the lender is successful in the lawsuit, then the court will issue an order that the property be sold.
Non-Judicial Foreclosure In Nevada
Non-judicial foreclosure is when the lender does not go through the court system and can begin the foreclosure process as soon as the borrower defaults on their loan. Most foreclosures in Nevada are non-judicial.
In Nevada, if you are behind on your mortgage payments, the bank can begin the foreclosure process. The mortgage company must send a Notice of Default to the borrower by either giving it to borrower in person or sending it to the borrower by certified mail. If the borrower does not cure the default, the lender will then send a Notice of Sale, again either by personal service or via certified mail. The sale can take place as early as 20 days after the borrower is served with the Notice of Sale.
Stages Of A Foreclosure
The stages of foreclosure in Nevada are as follows:
-First, the mortgage company send a Notice of Default to the borrower by either giving it to borrower in person or sending it to the borrower by certified mail.
– If the borrower does not cure the default, the lender will then send a Notice of Sale, again either by personal service or via certified mail.
– The sale can take place as early as 20 days after the borrower is served with the Notice of Sale.
Nevada Foreclosure Laws Are Different
Nevada is a non-judicial state, which means that the mortgage company does not have to go through the court system to foreclose on your home. If you are facing foreclosure in Nevada, it is important to seek legal assistance as soon as possible so that you understand your rights and options. Save your home!
Nevada does not have a right to redeem property after foreclosure. This means that once the foreclosure sale takes place, it is too late for the borrower to make a payment and get the property back.
How To Avoid Foreclosure In Nevada
If you are behind on your mortgage payments, there are a few things that you can do to avoid foreclosure in Nevada.
- Reach out to your lender: If you are having trouble making your mortgage payments, the first thing that you should do is reach out to your lender and explain your situation. They may be willing to work with you to come up with a payment plan or modify your loan.
- File for bankruptcy: Filing for bankruptcy can stop the foreclosure process and give you time to catch up on your mortgage payments.
- Sell your home: If you are unable to keep up with your mortgage payments, you may be able to sell your home and use the proceeds to pay off the loan.
Don’t risk losing your home to foreclosure. Call a professional Attorney to help with your case. We’ve helped Nevada Residents facing foreclosure. We can help! Give us a call!
We Can Help You Save Your Home
If you are facing foreclosure in Nevada, it is important to seek legal assistance as soon as possible so that you understand your rights and options. May Brock Law can help you save your home. We have helped many Nevada residents facing foreclosure. Call us today for a free consultation! 702-960-1270.
The Pre-Foreclosure Process
If you are behind on your mortgage payments, the first stage of foreclosure is known as pre-foreclosure. This is when the lender notifies the borrower that they are in default and gives them a certain amount of time to catch up on their payments.
In Nevada, the lender must send a Notice of Default to the borrower. The Notice of Default is also recorded with the Office of the County Recorder. The borrower is given 35 days from the date of the Notice of Default to cure the default by making all past-due payments. If they do not cure the default within this time period, the lender will send a second notice, often referred to as a Notice of Sale.
The Notice of Sale cannot be sent earlier than 3 months after the Notice of Default has been recorded with the Office of the County Recorder. Like the Notice of Default, the Notice of Sale also gets recorded with the County Recorder’s office.
If the borrower does not cure the default within this time period, the lender will send a second notice, often referred to as a Notice of Sale. The Notice of Sale cannot be sent earlier than 3 months after the Notice of Default has been recorded with the Office of the County Recorder.
Like the Notice of Default, the Notice of Sale also gets recorded with the County Recorder’s office. The Notice of Sale will indicate the time and place that the property will be sold. The sale cannot be scheduled for earlier than 20 days from the date of the Notice of Sale.
How the Auction Works In Nevada
At the foreclosure sale, the property will be sold to the highest bidder. The proceeds from the sale will go towards paying off the balance of the loan. If there are any leftover funds, they will be paid to the homeowner. However, if the sale does not cover the entire amount of the loan, then the homeowner may be responsible for the remaining balance.
What Is A Deficiency Judgement In Nevada Foreclosure Law?
If the sale of your home does not cover the entire amount of your mortgage debt, your lender can file a deficiency judgment against you. This means that you are responsible for paying the remaining balance of the loan. In Nevada, the lender has one year to file a deficiency judgment after the foreclosure sale takes place.
What Happens If I Can’t Pay the Remaining Balance?
If you are unable to pay the remaining balance after the foreclosure sale, you will be evicted from your home. The eviction process in Nevada is as follows:
- -The lender will file an Unlawful Detainer action with the court.
- -The court will issue a Summons, which will be served on the borrower by the sheriff.
- -The borrower has five days to file an Answer with the court.
- -If the borrower does not answer, a Default Judgment will be entered against them and they will be ordered to vacate the property within five days.
- -If the borrower does answer, a trial will be scheduled.
- -At the trial, the judge will decide whether or not to evict the borrower.
Post Foreclosure Period: What Is The Redemption Period After The Sale?
In Nevada, the borrower has six months to redeem the property after the foreclosure sale. This means that they can pay the amount of the winning bid plus interest and costs in order to keep their home.
However, if the property is sold for less than its fair market value, then the borrower may redeem it by paying the lender the difference between the sale price and the fair market value.
If you are facing foreclosure in Nevada, it is important to seek legal assistance as soon as possible so that you understand your rights and options. May Brock Law can help you save your home. We have helped many Nevada residents facing foreclosure. Call us today for a free consultation! 702-960-1270.
Is It better To Short Sale A Property Instead Of Foreclosure?
A short sale is when the lender agrees to accept less than the full amount of the loan in order to avoid foreclosure. In Nevada, a short sale must be approved by the lender and the borrower must be in Default on their loan in order for it to be considered.
If you are considering a short sale, you should speak with an experienced real estate attorney to learn more about the process and what to expect.
At May Brock Law, our experienced Real Estate team can help you navigate the foreclosure process and protect your rights. Call us today for a free consultation! (702) 388-0404.
Resources For Homeowners In Nevada Who Are Facing Foreclosure
If you are a homeowner in Nevada who is facing foreclosure, there are resources available to help you. The Nevada Housing Division offers counseling and assistance to homeowners who are struggling to make their mortgage payments.
They also have a program called the Homeownership Protection Program, which provides financial assistance to homeowners who are at risk of foreclosure.
Another resource for homeowners in Nevada is the U.S. Department of Housing and Urban Development (HUD). HUD offers counseling and assistance to homeowners who are struggling to make their mortgage payments.
Conclusion
If you are facing foreclosure in Nevada, it is important to seek legal assistance as soon as possible so that you understand your rights and options.
Our legal team can help guide you through this difficult process and protect your rights. Contact us today for a consultation. Save your home! Call us today!