When distressed Las Vegas home owners start missing payments on their mortgage, they often have no idea how long they can keep their home or condo or where to look for advice. Unfortunately, they turn toward their mortgage holder or the bank for advice; doing so is seeking advice from your adversary. How smart is that? Distressed home owners should seek the advice of a credit counseling agency, their Realtor, a CPA or a lawyer since these professionals do not work for your lender and would have your interest at heart.
Bellow is the foreclosure process timeline.
Time-frame: Statutory: 112 days. However it may take longer. After the borrower misses four payments then the first legal action is
First legal action: Recording the Notice of Default (NOD)
Notice of Default has to be mailed within 10 days after recording, certified and first class
Notice of Sale: 20 days before sale, registered and first class
Publication: Once a week for 3 weeks
Reinstatement: Within 35 days of the Notice of Default mailing (this is the period in which the borrower can become current on the payments and stop foreclosure process)
Postponements: Unlimited
Miscellaneous: The Trustee and the Beneficiary is required to disclose any known defects at the time of sale.
Deficiency Judgments after a non-judicial foreclosure sale: Yes
Related web-site links:
Las Vegas, Nevada Homes and Condos for Sale, Short Sales, Foreclosures, HUD Homes and Fixer-uppers
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