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