Nevada Foreclosure Laws

As we all know the state of Nevada is in bad shape with regards to the foreclosure crisis in our country today. A foreclosure in this state takes 120 days to run the gambit through the legal system. While there are occasionally judicial foreclosures, the majority of what is foreclosed in the state of Nevada happens through the non-judicial method. The system allows for the borrower to have the right of redemption only on a judicial foreclosure and the lender is entitled to file for a deficiency judgement here.

The judicial foreclosure is vary rarely used in the sate of Nevada, and is only used if there is no power of sale clause in the loan document or when the lender is seeking a court order for a deficiency judgment. The court also has the power to add the stipulation that the borrower has up to one year to redeem the property.

Non-judicial foreclosure is handled as the predominate form of foreclosure in Nevada and to do so a Notice of Default and Election to Sell is recorded in the county in which the property is located. This notice also must be mailed by certified mail on the date of recordation to the borrower.

Once this has happened, the borrower has 35 days in which to cure the default. The borrower must file a Notice of Intent to Cure at least 15 days prior to the sale date and then pay the amount due by noon on the day before the sale date.

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