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Nevada Judicial Foreclosure Available: Yes Non-judicial Foreclosure Available: Yes The lender may use a deed of trust with a power of
sale clause as the mortgage. This permits the lender to foreclose by
following a statutory procedure for sale without the necessity of filing a
lawsuit in court. Preliminary Notices Non-judicial Foreclosure The borrower has three months from the date a
notice of default and election to sell is recorded to perform and cure the
default under the deed of trust. If the borrower fails to do so, then the
property will be sold at foreclosure. Recording a notice of default and
election to sell must be recorded by the deed of trust's trustee. Mailing A copy of the notice of default and election to
sell must be mailed certified, return receipt requested, to the borrower and
any owner of the property on the date the notice is recorded. The notice must
be mailed to the last address the lender has, but if the current address of
the borrower is not known, the trustee may send it to the property in
foreclosure. The trustee must send the notice of default and election to sell
to the borrower within l0 days of recording the same to anyone who recorded a
request for such a notice. Advertising and Posting The property must be advertised and posted in the
same manner as for an execution sale. Cure The borrower has 35 days from the first day
following the day on which the notice of default and election to sell was
recorded to cure the default. The borrower may cure the default by performing
under the loan agreement. Usually this would mean paying the missed payments
or other sums due to the lender, but not the accelerated loan balance. Sale Procedures Time The time of sale must be specified in the
foreclosure notice. It should be for a time no less than that which would be
specified for an execution sale. Place The foreclosure sale may be made at the trustee's
office, even if the office is not in the same county as the property. Manner The property should be sold in the manner required
by law for the sale of real property on execution. Special Procedures The court may issue an injunction to restrain
waste (destruction) of the property during foreclosure. Deficiency If the foreclosure fails to generate sufficient
proceeds to pay off what remained due on the loan, then the lender may sue
for a deficiency within three months after the foreclosure sale. A hearing
will be held to determine the market value of the property. Notice of such
hearing must be served at least 15 days before the hearing. An appraiser may
be appointed by the court, on its own motion or on request, to have the
foreclosed property appraised to find the market value. At the hearing, the
greater of the market value or the foreclosure sale price must be credited
against what remained unpaid on the loan. The court may award a deficiency
judgment for the difference. The deficiency judgment must be sought within
six months after the date of foreclosure. Even if multiple properties are
being foreclosed on by the lender, the deficiency must be sought within two
years of the initial foreclosure on the first of the multiple properties. Redemption A deed of trust sale gives the foreclosure
purchaser clear title free of any right of redemption for the old borrower.
There is a one year redemption on judicial sales. |
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