Nevada Foreclosure Law
Nevada foreclosures are primarily accomplished out of court.
An out-of-court foreclosure in Nevada can be completed in about
four months.
Pre-foreclosure Period
In Nevada, many mortgages allow lenders to sell a property
once an owner defaults without having to file a lawsuit. A
lender begins the foreclosure process by recording a notice of
default with the county recorder and mailing the notice to the
borrower. A borrower or any secondary lender has 35 days from
the date the default notice is recorded to pay off the default
and stop the foreclosure. At least three months after recording
the notice of default, the lender can schedule a foreclosure
sale if the borrower has not paid off the default amount.
Notice of Sale / Auction
A trustee (third party named in the deed of trust) carries
out the public sale. A notice of sale is posted at least 20 days
before the trustee sale date in three public places and
published in a local newspaper once a week for three weeks. The
notice of sale is also mailed to the affected parties. The sale
may be at the trustee's office, and anyone may bid. Except for
the lender, the winning bidder has to pay the full bid amount in
cash or cashier's check to the trustee. If the sale is
postponed, a public announcement is made at the time and place
of the sale. After the sale, the trustee transfers ownership to
the winning bidder. An out-of-court foreclosure provides the
winning bidder with clear title, and there is no redemption
period for the borrower after an out-of-court foreclosure sale.
Although court foreclosures are uncommon in Nevada, there is a
one-year redemption period for this type of foreclosure.
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