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