Foreclosure is a legitimate process for a lender to regain real estate after the borrower fails to pay the loan. Nevada acknowledges two types of foreclosure, foreclosure seizure and non-judicial exclusion. Each type of foreclosure has a different timeline. The lender can use either of these two types of foreclosure, but can not use both. After any type of foreclosure, the lender can appeal to the borrower the shortfall remaining after the sale of real estate.
A Judicial foreclosure It occurs when the lender applies for foreclosure to the court and records the notice of the pending litigation. After applying for foreclosure like this, a trial will be held and a judgment of foreclosure may be concluded as a conclusion. This type of foreclosure usually takes more expensive routes and is rarely used by lenders.
A Non-judicial foreclosure It occurs outside of the court by using the provision stated in the trust certificate signed by the borrower when a loan has occurred. This trust certificate contains a sale clause that gives an overview of the provisions that the lender may seize. Since this type of foreclosure takes place outside the court it is usually not expensive for lenders. It is usually the preferred way to make real estate foreclosure.
In Nevada, the non-judicial foreclosure is the most common form of foreclosure, so the timeline shown below refers to the timeline of non-judicial foreclosure.
Default duration
No set time - The lender usually initiates foreclosure after default. In the trust draft there may be a minimum delinquency period required before the lessor starts foreclosure, but there is no time to start seizure of your property, and from the 30 th to 6 th Start more than a month) process.
Default and election notice (NOD)
Start of timeline - After the initial default period, the lender will need to file a NOD to the county recorder office in the county with the facility. Copies of this document shall be submitted to the appropriate parties interested in the property (ie borrowers and post-owners). When this document was recorded, the foreclosure procedure started legally. If the owner is hired, the lender must inform the borrower that he / she is entitled to join the Nevada mortgage intermediation program.
Period of reinstatement
35 days after NOD - The borrower or secondary lender can refund the overdue amount and revive the loan within 35 days after recording the NOD.
Sales announcement
90 days after NOD - The lender can submit a sale notice (NOS) to the county recorder office. This indicates the date and time and place where the foreclosure is sold.
21 days before sale date - Sales notice must be posted in 3 public places and processed to the appropriate party. The sale must be issued for three weeks in a row to the newspaper which received the appropriate judgment before the sale is made.
(The lender must also record the completion certificate of the Nevada arbitration program or a certificate indicating that arbitration is not required.) Please refer to the Nevada state mortgage brokerage program for details.
Sale date
Once all the above periods and requirements are met, the lender can sell the mortgage (sale of the trustee).
In summary:
Default duration - no time frame
Default notice (NOD) - Day 1 of the foreclosure process
Sales notice (NOS) - 90 days from NOD (including 35 days of reinstatement during this period)
Sale Date - 21 days from NOS
The earliest time lender, - 111 days from the date of non-performance notice being submitted.
Before or during this foreclosure process, there are several options available to borrowers. These alternatives include the following: Loan change, repayment plan, extension, substitution for foreclosure, and short term sale.
Short term sale is a sales transaction that the lender has normally agreed to accept less than the balance expected to be loaned during the foreclosure period. In many cases, lenders prioritize short-term sale due to actual foreclosure. This is because the lender is in the business of making and servicing the loan, usually to lose even more money when trying to sell the property by recovering the property.
EmoticonEmoticon