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Understanding the Nevada Foreclosure Process

Foreclosure Process- Anytime someone records an action against your property it becomes a public record. If you have had a notice of default recorded on your property, you will be contacted by investors, attorneys, loan officers and Realtors trying to help you get out of your situation.

Notice of default- This is the notice that the bank gives you when you have been in default on your loan for over 30 days. In Nevada most banks will give you two to three months before initiating a foreclosure process but by law, they can foreclose on you as soon as you are late. This notice is usually recorded by a 3rd party handling the foreclosure for the bank. The average fee that these 3rd parties charge is around $1500.00. This notice will be sent to you by regular mail and by certified mail. Do not think that just because you did not receive this notice or did not pick up your certified mail that you are somehow not going to be in foreclosure, this is not true! You will still lose your home if you do nothing!

1-35 Days from the notice of default- Your time frame to bring the loan balance current in Nevada. After the 35 days, your lender has the right not to accept the arrears and ask for the loan balance to be paid in full. Now, this may be the law but lenders rarely call the whole note due and payable. They will make more money by collecting interest and keeping the loan than asking you to pay off the whole loan. So the bottom line is if you were to go to the bank with all of the arrears they will usually accept the money and bring the loan current.

35-90 Days from the notice of default- The only thing that happens during this time is your late charges will accrue as well as your monthly payments will be added to your outstanding loan balance.

After 90 days - . The Foreclosure Company has to set the sale date. They have to post the sale date in a public place (usually at City Hall) and publish the date in a newspaper (usually a business press) this has to be done for three weeks prior to the actual sale date.

111 Days- Approximate Foreclosure date. This date may vary based upon when the foreclosure date was set and also depending on how quickly they do their job.