Foreclosure Eviction Process in Nevada
Nevada law provides for both judicial and non-judicial foreclosures. These procedures give the homeowner a limited amount of time to pay the remaining mortgage indebtedness before the property is sold at auction or foreclosure sale. Nevada homeowners have the right to challenge the foreclosure order in court if they feel their rights are being violated.
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Judicial Foreclosures
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Nevada state laws allow for both judicial and non-judicial foreclosures. The judicial foreclosure process begins with a lender posting a notice of foreclosure on the property and publishing its intention to foreclose in a public source, such as a newspaper or real estate magazine. Following this step, the lender files a lawsuit that asks a Nevada state court to give the lender permission to foreclose on the property. If the court issues such an order, the lender may organize an auction in which the county sheriff oversees the sale.
Non-Judicial Foreclosures
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Nevada also allows for non-judicial foreclosures. This occurs when the lender includes a power of sale clause in the mortgage agreement that the borrower signs. The clause gives the lender the right to foreclose on the property and evict the tenant without a court order to do so. Non-judicial foreclosures begin when the lender files an intent to foreclose form with the county offices and mails a copy to the homeowner. Depending on the terms of the home's original deed, the homeowner has between 15 and 35 days to pay the amount due on the mortgage. If the homeowner can't make the payment, the lender and county sheriff oversee a foreclosure sale on the date listed on the intent to foreclose.
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Timeline
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According to the Nevada Department of Business and Industry, a typical Nevada foreclosure can take anywhere between 120 days and nine months to complete before the lender can evict the tenant. Nevada residents also have the right to challenge a foreclosure in state court if they feel as though their rights are being violated or there were inconsistencies in the foreclosure and eviction process. While such claims rarely result in the court overturning the foreclosure, the protracted legal process gives the homeowner more time to make plans for leaving the property.
Redemption
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In the case of judicial foreclosures in Nevada, the borrower has one year from the date of the foreclosure sale to redeem the property by paying all back mortgage debt to the lender. If the buyer can't redeem the property, the county sheriff may forcibly evict the occupants once the redemption period expires. Homeowners have no redemption option in cases of non-judicial foreclosure. However, the homeowner may file an Intent to Cure form with the Public Trustee's office up to 15 days before the foreclosure sale. This gives the homeowner the right to pay off the mortgage amount due up until noon of the day before the sale.
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