Nevada Foreclosure Process - Steps, Timeframes and Resources

I’ve been getting a lot of inquiries about the timelines and steps in the foreclosure process, so I thought I would post some information here on my blog. The following information is excerpted from a foreclosure course taught by Arthur Marvin of Business Seminars for Success. Visit his website for more information and his ebook entitled: "21 Ways to Stop Foreclosure"

The Foreclosure Process in the state of Nevada typically takes about 6 months from the time the Notice of Default is filed to the Eviction of the homeowner.

Notice of Default starts the foreclosure process - it is prepared, recorded, mailed, posted, published and a copy sent to all parties (owner, all lenders, IRS, local, state, and federal tax agencies) who have an interest in the property.

Reinstatement Period (month 1) - starts on the first day the notice of default is recorded. This is a 35 day period in which the homeowner can reinstate the loan by making any back payments, foreclosure fees and other allowable expenses.

Redemption Period (months 2-3) - starts on day 36 from the recorded date of the Notice of Default. Now the homeowner is now responsible for paying the remaining loan balance along with all foreclosure fees and other allowable expenses. It should also be noted that approximately 10 days before the end of the redemption period, the trustee will notify the lender for permission to prepare the Notice of Trustee Sale for publication.

Publication Period (month 4) means the Notice of Sale must be published once a week for three consecutive weeks (21 days) prior to the Trustee Sale.

Trustee Sale (month 5) is the final step in the foreclosure process and it is extremely important to remember the homeowner has no right of redemption after the sale is finalized. If there is a successful bidder at the sale, the new owner will purchase the property in "as is" condition with no warranties. If there are no bidders at the sale, the lender becomes the sole owner as an REO (Real Estate Owned).

Eviction (month 6) process starts after the Trustee Sale is finalized. The eviction process is initiated by posting a 3 day Notice to Quit on the property. If there is no response, the new owner will file a 5 day Eviction Notice with the court. If there is no response by 5pm on the 5th day, the Constable will evict the resident.

Additional Resources:
Nevada Foreclosure Help Useful resources and info from Nevada Department of Business & Industry
Nevada Revised Statutes - Chapter 107 - Deeds of Trust
Nevada Foreclosure Law Summary
Jennene Shanholtz, REALTOR®
Email: jennenes.vegasrealestate@yahoo.com

Where To Get Foreclosure Help

Since there are so many dubious assistance programs and out-right scams preying on homeowners facing foreclosure, it can be difficult to find legitimate help. So I thought it might be helpful if I posted some legitimate resources for assistance here on my blog.

Here’s a list of programs that are either operated by the U.S. government or have its seal of approval:
To find a counselor, contact the U.S. Department of Housing and Urban Development (HUD) at (800) 569-4287 or (877) 483-1515, or go to www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm
Call (888) 995-HOPE, the Homeowner’s HOPE Hotline to reach a nonprofit, HUD-approved counselor through HOPE NOW, a cooperative effort of mortgage counselors and lenders to assist homeowners.

Visit NeighborWorks America’s Web site at www.nw.org/network/home.asp
Go to this Web site for information on federal mortgage modification and refinancing programs: http://www.makinghomeaffordable.gov/

The Controller of the Currency’s consumer information site for banking-related questions is http://www.helpwithmybank.gov/

OCC Customer Assistance Group and consumer assistance site: www.occ.gov/customer.htm

Federal Trade Commission: www.ftc.gov/bcp/edu/pubs/consumer/homes/rea04.shtm

Federal Reserve Board: www.federalreserve.gov/pubs/foreclosurescamtips/default.htm

NeighborWorks America: http://www.nw.org/

HOPE NOW: http://www.hopenow.com/

Source: Controller of the Currency (04/21/2009)