In the state of Nevada, lenders may foreclose by using either a judicial or non-judicial foreclosure process.
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. If the court declares a foreclosure, the home will generally then be auctioned off to the highest bidder.
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of default.
If the “Power of Sale” clause specifies the time, place and terms of the foreclosure sale, then those procedures must be followed. If they are not specified, then foreclosure sale is carried out as follows:
A copy of the notice of default and election to sell must be mailed certified, return receipt requested, to the borrower at their last known address on the date the notice is recorded I the county the property is located in.
The owner may file an “Intent to Cure” with the Public Trustee’s office up to at least 15 days prior to the foreclosure sale and bring the loan current by noon of the day before the foreclosure sale is current in order to stop the foreclosure.
The foreclosure sale will be help at the place, time and date that is stated on the notice of default and election to sell.
Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521