How do I Properly Foreclose in Nevada?
Nevada currently leads the nation in the percentage of foreclosures. Before foreclosing on a property, research the laws of the state of Nevada.
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Instructions
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Choose between a judicial or a non-judicial foreclosure. The former method is used when the deed of trust or the mortgage, itself, contains a power of sale. It is used far less than the non-judicial foreclosure because most mortgages or deeds of trust empower the mortgage holder to reclaim the property if the borrower falls behind. If a judicial foreclosure is used, the judge will ordinarily approve the sale of the property by the mortgagor but the borrower may buy back the real estate within a year of the order. If a non-judicial foreclosure is used, the lender must follow certain guidelines published by the court.
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Follow certain procedures if you are using a non-judicial foreclosure. Start the process by sending a certified letter, return receipt requested, to the borrower at his last-known address on the date the notice was recorded in the county where the real estate is situated. You must inform the borrower that he has from 15 days to 35 days -- the length of time depends on the date of the mortgage -- to make restitution of the amount owed. He must file with the court his intention to pay that sum and do so at least 24 hours prior to the auction of the property. Furthermore, you need to tell the debtor the particulars of the sale, namely the place, date and method of disposition.
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Prepare for a non-judicial foreclosure to take about four months to complete. It could take far longer if the borrower delays the process by filing a contest to the action, requests postponement or other delays, or files bankruptcy.
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File a deficiency motion with the court within 90 days of the sale if you are owed more than was realized from the sale of the property. And once the sale is made, the borrower has no further rights to the property.
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