Las Vegas Foreclosure Property

Posted by Tim Merrell in | 0 Comments

Jul

Understanding Las Vegas Foreclosure

It’s no secret that Las Vegas foreclosure property is on the top of every national list. This creates lots of buying opportunities for first time home owners and investors alike.

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Las Vegas Foreclosure Explained

Process

In Las Vegas, 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. This whole timeline is commonly referred to as the “Las Vegas Foreclosure Process”.

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 Las Vegas and most of Nevada, 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. In Las Vegas his 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

This is 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 Las Vegas newspaper (usually a business press) this has to be done for three weeks prior to the actual sale date.

111 Days = Las Vegas Foreclosure

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