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Nevada Foreclosure Law Summary

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 aplace and terms of sale, then it should be
court order. This is done when no power offollowed.
sale is present in mortgage/deed. Once
foreclosure is declared, property isOtherwise foreclosure takes place as follows:
auctioned  off  to  highest  bidder.
Lender needs to send copy of notice of
After judicial foreclosure, the borrower getsdefault 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 onlytime of 15-35 days to make the payment.
when power of sale clause exists in deed ofSometime this depends on the date of original
trust/mortgage. This clause allows borrowerdeed 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 ofoffice at least fifteen (15) days before the
their default. In such cases power is givensale and then paying the necessary amount to
to lender to sell the property by himself orbring the loan current by noon the day before
his representative who generally referred asthe foreclosure sale is scheduled. Lender
trustee. Guidelines for such procedure aregets 3 months period to obtain deficiency
mentioned under "Guidelines for power of salejudgment.
foreclosure".
This is legal information; it should not be
Guidelines  for  power  of  sale  foreclosuretreated as legal advice.



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