Nevada's Law on Foreclosure
According to the Nevada Department of Business & Industry, a loan issued by a lender for an individual to buy a property goes into default when the monthly payments to repay the loan are not made to the lender. Foreclosure is the process of the lender seizing the property and selling it to pay off the loan.
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Timeline
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The United States Foreclosure Law website reports that the foreclosure process in the state of Nevada takes up to 120 days to complete beginning when a loan on a property goes into default because of missed payments.
Judicial Foreclosure
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Judicial foreclosure requires a lender to obtain a court order to foreclose on a home in Nevada because the mortgage contract did not give the lender the right to force the sale of the property. The United States Foreclosure Law website explains that following the sale of a property the borrower has up to 12 months following the sale to redeem the property.
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Non-Judicial Foreclosure
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According to the United States Foreclosure Law website, non-judicial foreclosure includes in the mortgage contract the right for the lender to auction the property to pay off the defaulted loan. Nevada law allows the borrower to halt a foreclosure sale up to noon the day prior to the planned sale.
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