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Nevada Foreclosure Law
In the state of Nevada foreclosures can result on any mortgage or deed of trust that is in default. Florida foreclosures may follow a judicial or non-judicial process. This means that lenders may foreclose either in or out of court. The average time of the foreclosure process is 4 months of 120 days.
Judicial Foreclosure
A judicial foreclosure takes place in a court. The lender files a lawsuit against the borrower. If the court is able to confirm the default it will then issue a court order and declares the foreclosure. THe home is then put up for public auction and sold to the highest bidder. Once the sale is completed the original home owner has the right of redemption which is a period of 12 months, during this time they can pay the foreclosure sale price plus any interest and other fees in order to regain possession of the home.
Nevada Foreclosure Law states that this process is always followed when the mortgage or deed of trust does not include a Power of Sale clause which covers the potential of default by the borrower.
Non-Judicial Foreclosure
The process of a non-judicial foreclosure starts with the lender or the trustee filing a Notice of Default in the county office where the borrower's home is located. On that same day they need to send a copy of the Notice of Default to the homeowner by certified mail. This certified mail must also contain a return receipt. Next the borrower is give a short amount of time, generally between 15 and 35 days to cure the default. This process is done by the borrower submitting an "Intent to Cure" at the office of the Public Trustee at leas 15 days before the sale date and paying any and all past-due amounts by noon on the day before the sale. If this does not happen the foreclosure will proceed on the posted date.
In the state of Nevada the borrower does not have any Rights of Redemption in a non-judicial foreclosure. The lender is also entitled to a deficiency claim for the balance that was not covered by the foreclosure sale as long as the suit is filed within the first 3 months following the sale of the property.