Nevada foreclosure

The Nevada foreclosure process allows both judicial and non-judicial foreclosures to occur. The lender can use the judicial foreclosure process in order to reduce the right of redemption to 3 months. If the non-judicial foreclosure process is used, you are given up to 12 months to get your house back by paying the amount that the house was sold for, plus court costs.

To carry out the judicial process, the lender files a lawsuit at the courthouse in the county where the property is located.The process usually takes about 4 months to complete. Once the lawsuit is filed, the judge will give you a bit of time to cure the default, meaning pay the amount that you've fallen behind. If you don't pay in the time allowed, then the judge orders that the house be sold at auction to the highest bidder.
If the lender has inserted a power of sale clause in the deed of trust or mortgage, then the non-judicial foreclosure process is used. If the power of sale clause specifies the time, place and terms of the loan, then those terms are followed.

In cases where the the terms are not specified, then non-judicial foreclosure is carried out as follows:

1. A notice of sale must be recorded at the recorder's office of the county where the property is located.


2. A copy of this notice must be sent to the borrower. It must be sent certified and return receipt requested.


3. Depending on the date of the deed of trust or mortgage, the borrower must be given between 15 and 30 days to cure the default and stop the process. The borrower must file an "intent to cure" order at least 15 days before the sale in order to stop the process.

If the borrower files this intent to cure, then he'll have until noon of the date of the sale to cure the default and take back the property.

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