Nevada Process

 

Foreclosure Facts

Foreclosures in Nevada are primarily administered non-judicially, which generally take about four months. Judicial foreclosures, though allowed, are less frequently encountered in Nevada. Judicial foreclosures only occur if a lender desires a deficiency judgment, a process that gives a borrower up to one year to redeem the property after the foreclosure sale.

In the vast majority of cases, foreclosures are handled non-judicially in a process that begins when a lender files a notice of default with the county recorder identifying the default amount and the date the borrower must pay off the default. The notice is then mailed to the borrower and all affected parties.

Up to five business days before the trustee’s sale, the borrower has the opportunity to pay off the default plus any applicable expenses of foreclosure, thereby stopping the foreclosure process. Three months after the notice of default is filed, the lender is able to schedule a trustee’s sale of the property.

Notice of Sale / Auction

At least 20 days before the trustee’s sale, the notice of sale must be posted on the property, in one local public location, and published once a week for three weeks in a local newspaper. The notice is then mailed to the borrower and to anyone who requests the notice, at least 20 days before the sale. This notice must contain the date, time, and location of the sale, the property address, and the trustee’s contact information, and it must be recorded with the county recorder at least 14 days prior to the sale.

At public auction, the trustee�s sale concludes when the property is sold to the winning bidder. The trustee may require bidders to pay the full bid amount in cash or by cashier’s check. Anyone may bid at the sale, including the lender and any junior lien holders. A trustee’s sale may be postponed by announcement at the sale, however if a sale is postponed more than three times, a new notice of sale must be issued.

Upon completion of a sale, the trustee transfers ownership to the winning bidder. There is no right or opportunity to redeem the property following the sale.