Nevada Foreclosure Process

Link to Nevada Foreclosure Laws

Under Nevada foreclosure law, most mortgages allow lenders to sell a property once an owner defaults without having to file a lawsuit.

Foreclosure Overview

A Nevada foreclosure are primarily accomplished out of court. An out-of-court foreclosure in Nevada can be completed in about four months.

Pre-foreclosure Period

Under Nevada foreclosure law, most mortgages allow lenders to sell a property once an owner defaults without having to file a lawsuit. The lender begins the foreclosure process by recording a Notice of Default, (NOD), with the county recorder. The lender is required to mail the notice to the borrower. A borrower, or any secondary lender as well, has 35 days from the date the NOD is recorded to pay off the default. This will stop the foreclosure.

After a minimum of three months has passed after recording the Notice of Default, the lender is allowed to schedule a foreclosure sale if the borrower has not paid off the default amount.

In a Nevada foreclosure, the borrower typically gets the right to:

  • receive pre-foreclosure notice
  • apply for loss mitigation
  • receive certain foreclosure notices
  • get current on the loan and stop the foreclosure sale
  • receive special protections if you’re in the military
  • pay off the loan to prevent a foreclosure sale
  • file for bankruptcy, and
  • get any excess money after a foreclosure sale.

Notice of Sale & Auction

A trustee carries out the public sale. This trustee is a third party called out in the Deed of Trust. A Notice of Sale, (NOS), must be posted at least 20 days before the trustee sale date in three public places as well as published in a local newspaper once a week for three weeks. It is also required that the notice of sale be mailed to the affected parties, usually the borrower, owner, and any secondary lien holders.

The sale is usually held at the trustee’s office, and anyone may bid. Lender’s start the bid. Other than the lender, the winning bidder has to pay the full bid amount in cash or cashier’s check to the trustee, at the conclusion of the sale. If the sale is postponed for any reason, a public announcement is made at the time and place of the sale.

After the sale, the trustee transfers ownership to the highest bidder. An out-of-court foreclosure provides the winning bidder with clear title.

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