Nevada Foreclosure Law

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Below you will find information specific to Nevada foreclosure law. A brief breakdown of foreclosure facts are listed in the table and are defined more thoroughly just below the table:

Judicial Foreclosures	YES
Non-Judicial Foreclosures	YES
Primary Security Instruments	Deed of Trust, Mortgage
How long does it take?	4 months
Right of Redemption	NO
Deficiency Judments Allowed?	YES
Sale Publication Period	80 days
Sale/NTS	Trustee

 

Non-Judicial Foreclosures

With Nevada foreclosure law, as with many other states in the US , the non-judicial method of foreclosure is used majority of the time. With that it mind, the process does not normally require any type of court ruling to complete the process. Instead, the publication period of eighty days requires the property to be advertised publicly before selling. The seller, in this process, is primarily a trustee working with the lender to sell the property and satisfy the loan. The trustee follows strict deadlines required in order to issue a power of sale.

 

Power of Sale

If a property is undergoing foreclosure and the lender is on its way to issue a power of sale notice, there are a couple things that must be done first before the power of sale can be issued. As a title theory state, the lender holds the title to the property until the loan is paid in full. If a borrower defaults on his or her obligations, the lender will issue a notice of default and the borrower will have 35 days to make payment. The borrower may delay this process if intent to cure is filed with the Public Trustees Office.

 

Judicial Foreclosures

A judicial foreclosure can also take as permitted by Nevada foreclosure law. In the judicial process a lender goes to court and initiates a judicial foreclosure against the borrower, the court will issue judgment in the case of the foreclosure. With the judicial process, the sheriff will instead sell the property as a publicly noticed sale and the complaint is file in court instead. Another document called a lis pendens is filed, which is a notice to the public the property will be undergoing foreclosure and is unique to the judicial method of foreclosure.

 

Right of Redemption

In the non-judicial foreclosure process, there is no right of redemption period allowing borrowers to redeem their property with a payment in full including costs. However, with the judicial process, the right of redemption period does last twelve months as required by Nevada foreclosure law.

 

Timeline

It takes about four months to complete the foreclosure process in Nevada . There are exceptions to that rule if the borrower makes attempts to delay that process with the many methods in place to prevent foreclosure on the property.

Related Links:

Nevada Foreclosure Attorneys: Here you'll find a list of foreclosure attorneys specific to your area. Speak with an attorney that can help you make the best decision possible.
Notice of Sale: Understand what it is and how it relates to the foreclosure process.
Notice of Default: A document that begins the foreclosure process. We define it more clearly here.
Right of Redemption: Even if you've lost your property to auction, you may be able to get it back. Here is more information about what right of redemption actually is.