Nevada Foreclosure Law

In Nevada foreclosure both Judicial Foreclosure and non-Judicial Foreclosure are allowed. In Nevada state foreclosure timeline typically take 120 days. Nevada foreclosure law supports deed of trust and mortgage as primary security instruments. Nevada foreclosure law authorizes statutory right of redemption to borrower. Deficiency judgment is also allowed in Nevada foreclosure law.

The foreclosure process in state of Nevada may be used by means of judicial foreclosure or by non-judicial foreclosure on the deeds of trust or mortgages in default.

Judicial Foreclosure
The judicial foreclosure process allows the lender to file a lawsuit to obtain a court order to foreclose The Judicial foreclosure process is generally used when “no power of sale clause” is there in the mortgage or deed of trust. A “power of sale clause” in a deed of trust or mortgage empowers lender to sale or transfer of land as summarized by the terms of that clause. In case judicial foreclosure procedure is used ,borrower avail the opportunity o redeem in a year.

Non-Judicial Foreclosure
Non-Judicial Foreclosure allows the lender to sell the property and set the balance of the loan in case the borrower defaults. Non-judicial process of foreclosure is used when deed of trust or mortgage document contains “a power of sale clause”. The power to sell given to the lender may be carried out by the lender or their representative, typically referred to as the trustee. “Power of Sale Foreclosure Procedure” explained below will elucidate the genuine method for Non-Judicial foreclosure process.

Power of Sale Foreclosure Procedure
If the mortgage or deed of trust comprises of the “power of sale clause”, which have details regarding the time, place and the terms of sale in that case the specified course of actions must be followed. If power of sale clause does not state the specifications of time, place and terms of sale then non-judicial foreclosure would be followed as bellow:

•    Copy of notice of default and foreclose sale must be mailed to the borrower at their last know address via certified mail requesting the reply. Other prerequisites and advertisement must be published as required by Nevada foreclosure law.
•    Borrower can cure the default by paying the missing balance along with other due costs. Borrower has (3) moths to redeem the property after the (15) days of the notice of default.
•    Property will be auctioned at foreclose sale in case borrower fails to redeem.
•    Foreclose sale will be held at right date, time and place mentioned in the notice of sale. Property will be auction to highest bidder.
•    Lender may obtain deficiency judgment within (3) months after the foreclose sale however borrower can’t redeem after the sale.