Nevada Foreclosure Process and Laws


Quick Facts About the Foreclosure Process in Nevada

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Primary Security Instruments: Deed of Trust, Mortgage

Timeline: Typically 120 days

Right of Redemption: Yes

Deficiency Judgments Allowed: Yes

Foreclosure on deeds of trust and mortgages may be done by judicial or non-judicial foreclosure in Nevada.

Judicial Foreclosure
Dealing with the judicial foreclosure process, this involves the role of the court. A lawsuit must be filed to obtain the court order to foreclose property. Once this has been approved, the property is automatically auctioned off. This is only done when the power of sale clause is not available. The borrower is also given at the most 1 year to pay off the default to redeem the property for auction.

Non-Judicial Foreclosure
The power of sale clause basically gives the lender the authority to sell the property should the lender reaches mortgage default. In the presence of this power of sale clause, the non-judical foreclosure applies. The portion below gives an outline of the steps on how the non-judicial foreclosure must be done.

Power of Sale Foreclosure Guidelines
A power of sale clause present in the mortgage or deed of trust should include the details of the sale such as time, date and the place of the sale. In the absence of these, the following steps must be followed accordingly:

The borrower is given a chance to cure mortgage default within 15 to 35 days on the delcaration of the notice of sale. He is allowed to pay the amount in debt caused by the delay in payment. The time of payment depends on the date stated in the original deed of trust.

  1. An “Intent to Cure” may be filed by the owner to stop processing the foreclosure of the the property. This must be filed in the Public Trustee’s office 15 days before the foreclosure sale.
  2. Settling the payment must be done by noon time, the day before the sale is scheduled.
  3. The foreclosure sale will be done in the set time, place and date indicated in the notice of sale. The foreclosure sale is done in the same way as real property are sold.

The lenders are given three months to file for deficiency judgement. On the other hand, the borrowers do not have any rights of redemption of property.

Foreclosure Avoidance Counseling

HUD – approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.

If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Las Vegas Field Office

Dept. of Housing and Urban Development
300 South Las Vegas Blvd.,

Suite 2900
Las Vegas, NV 89101-5833
Phone: (702) 366-2100

Fax: (702) 388-6244

Kenneth J. LoBene

Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Reno Field Office

U.S. Department of Housing and Urban Development

Reno Field Office
745 West Moana Lane, Suite 360
Reno, NV 89509
Phone: (775) 824-3700

Fax: (775) 824-4978

Tony Ramirez

Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday