| Judicial Foreclosure in Nevada: | | | | If the deed of trust/mortgage contains a |
| | | | power of sale clause with specified time, |
| It involves filing a law suite to obtain a | | | | place and terms of sale, then it should be |
| court order. This is done when no power of | | | | followed. |
| sale is present in mortgage/deed. Once | | | | |
| foreclosure is declared, property is | | | | Otherwise foreclosure takes place as follows: |
| auctioned off to highest bidder. | | | | |
| | | | Lender needs to send copy of notice of |
| After judicial foreclosure, the borrower gets | | | | default and intention to sale to the borrower |
| one year period to redeem his property. | | | | by certified mail with return receipt |
| | | | requested at the last known address of the |
| Non-Judicial Foreclosure in Nevada: | | | | borrower. This should be done on the same day |
| | | | when notice is recorded. The borrower gets |
| Non-judicial foreclosure is conducted only | | | | time of 15-35 days to make the payment. |
| when power of sale clause exists in deed of | | | | Sometime this depends on the date of original |
| trust/mortgage. This clause allows borrower | | | | deed of trust. The borrower can also file |
| pre-authorizes the sale of property to pay | | | | "Intent to Cure" with the Public Trustee's |
| off the balance loan in the incidence of | | | | office at least fifteen (15) days before the |
| their default. In such cases power is given | | | | sale and then paying the necessary amount to |
| to lender to sell the property by himself or | | | | bring the loan current by noon the day before |
| his representative who generally referred as | | | | the foreclosure sale is scheduled. Lender |
| trustee. Guidelines for such procedure are | | | | gets 3 months period to obtain deficiency |
| mentioned under "Guidelines for power of sale | | | | judgment. |
| foreclosure". | | | | |
| | | | This is legal information; it should not be |
| Guidelines for power of sale foreclosure | | | | treated as legal advice. |
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