Have Short Sale Questions?

Las Vegas Short Sale Help

Call Me Now... I have the Answers 702-348-7191

lv map
LAS VEGAS HOMES Search...Click on the map to search Las Vegas homes, foreclosures and short sales.
Aug
21

Nevada Foreclosure Process and Timeline

By Kathryn Bovard

Notice of ForeclosureThe 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:

Contact the Short Sale Professionals


Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale?

Contact us for a free consultation regarding your options – there are solutions!
Avoid Foreclosure
… Call  702 – 497-7705

Related posts:

  1. 3 Indicted in Nevada Foreclosure Scam….Be Aware of Foreclosure Rescue Scams
  2. Short Sales vs. Foreclosures in Nevada – Answers to Common Questions
  3. NV Mandatory Mediation Program for Homeowners in Foreclosure

Comments

  1. Vanessa says:

    Read through MULTIPLE webpages, statutes, advice columns, etc… of lawyers, real estate experts, no-it-alls that claim to “break” the foreclosure process. I work for law firms and now work for the district court and still couldn’t decifer their so-called “layman’s” terms and had found myself more dumbfounded than before! THANK YOU for breaking it down to the important dates and details in ACTUAL layman’s terms! Whew! Extremely helpful post for those who are panicked, scared, frustrated and utterly confused on what to do next about the home they’ve built for years and on the brink of losing. This is the exact type of to-the-point information that many people need in this unfortunate circumstances, so thank you again.

Leave a Reply

las vegas mls search

lv map
Click on the map to start your Las Vegas area property search.
  • 11655
ResidentialShortSale.com provides useful information to the community about Las Vegas Short Sales, Nevada Foreclosure Mediation, and the Las Vegas Short Sale process. We are Las Vegas Short Sale Experts who know the Las Vegas Real Estate Market.

You can also search all Las Vegas Homes for Sale from this site.

short sale consultation

Do You Have a Real Estate Agent You Can Trust to Handle Your Short Sale?

Call Now: 702-348-7191