Malik W. Ahmad

What are the Nevada Laws of Foreclosure?


Nev. Rev. Stat. § 107.080 Most Common Method of Foreclosure:
By Malik Ahmad Attorney at law

Power of Sale for deeds of trust.Preforeclosure Notice:
Number of Notices: Two: Notice of Default (Breach) and Election to Sell; and Notice of Sale.

Amount of Notice Required:

For Notice of Default (Breach), three months. For Notice of Sale, three weeks.

Content of Notice: Notice of Default:

Must describe default and may contain notice of intent to accelerate entire unpaid balance if permitted by secured obligation. Notice of Default also must be recorded.
Notice of Sale:

Must state time and place of sale and must be published once per week for three weeks.

Method of Service: Notice of Default:

By mail to the grantor and owner on the date the Notice is recorded, and within ten days of recording of Notice, by mail to each person who filed a request for a copy and to each ‘‘person with an interest’’ subordinate to the deed of trust.

Notice of Sale:

By mail within twenty days before the date of sale set forth in the Notice of Sale.

Right to Cure Default/Reinstate:
Thirty-five days from recording and mailing to grantor and owner of Notice of Default.

Redemption: None for nonjudicial foreclosures.

Deficiency:
Limited to the lesser of (i) the amount by which the amount of the secured debt exceeds the fair market value of the property as determined by the court, or (ii) the difference between the amount for which the property was sold and the amount of the secured debt, with interest from the date of sale.

High-Cost Home Loans:

Power of sale under trust agreement entered into on or after October 1, 2003, and subject to § 152 of the Home Ownership and Equity Protection Act of 1994 and applicable federal regulations, requires additional notice at least 60 days before date of sale. The notice, which must be personally served unless otherwise directed by a court, must include applicable telephone numbers and addresses for offices of consumer credit counseling, attorney general, division of financial institutions, legal services, and lender. Date of sale may not be less than 30 days after date of most recently filed action, if any, claiming unfair lending practice in connection with the trust agreement. §§ 107.080, 107.085. Court that finds violation of high-cost home loan statute (Nev. Rev. Stat. §§ 598D.010 through 598D.150) has power to award equitable remedy and may cure any existing default and cancel a pending foreclosure sale, trustee’s sale or other sale to enforce the agreement. If damages are awarded (statute allows three times actual damages) borrower has a defense against the unpaid obligation up to the amount of the damages. Nev. Rev. Stat. § 598D.110.

  1. Nevada mostly has non judicial foreclosure sometime also called statutory foreclosure. There is no redemption with this kind of foreclosure.

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