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Foreclosure Survival Guide

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Foreclosure Survival Guide (1st Edition)


Nevada
Topic State Rule
Common type of foreclosure process Nonjudicial: under power of sale in deed of trust
Time to respond Foreclosing party must give homeowner a three-month Notice of Default and Election to Sell and a three-week notice of sale.
Reinstatement of loan before sale Within 35 days after foreclosing party records notice of default in local land records office
Redemption after sale No
Special protections for foreclosures involving high-cost mortgages If trust deed was entered into on or after October 1, 2003 and is subject to HOEPA (see Ch. 7), homeowner must be personally served with an additional 60-day notice before date of sale. Violations of high-cost home loan statutes support a defense to foreclosure. Nev. Rev. Stat. §§ 598D.010 through 598D.150
Special state protections for service members None
Deficiency judgments May be obtained by filing a separate lawsuit within six months of foreclosure sale. Amount is limited to the lesser of:
  • the amount by which amount of loan exceeds property's fair market value, or
  • the difference between sale price and amount of loan with interest from date of sale.
Cash exempted in bankruptcy None
Notice to leave after house is sold New owner must give former owner a three-day notice to quit (leave) before filing an eviction lawsuit. Nev. Rev. Stat. § 40.290
Foreclosure statute Nev. Rev. Stat. § 107.080