Nevada Foreclosure Laws
Nevada Foreclosure is Non-Judicial.
Nevada foreclosure begins when a notice of default is recorded and elected to sell. A copy of the NOD and election to sell is mailed to the grantor and to the person who holds the title of record. A notice is then sent to the borrower declaring the entire balance due. After three months, If the borrower fails to cure the loan, then the property will be sold at foreclosure. The borrower has 35 days from the first day following the day on which the notice of default and election to sell was recorded to cure the default.
Nevada Foreclosure Notice of Sale
Nevada foreclosure law states that the trustee must give notice of the time and place of sale at least 21 days before sale. The trustee must also post similar notices in three public places, and publish those notices three times in a newspaper once a week for three weeks.
Nevada Foreclosure Deficiency Judgment
There is a possibility the lender may sue for a deficiency within three months after the Nevada foreclosure sale, if proceeds from the sale failed to generate enough funds to payoff the remaining balance.
Redemption Period
There is a one year redemption on judicial sales.
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