Foreclosure process timeline and who to seek advice from

Masoud Saberzadeh Las Vegas Foreclosures and Short Sales Blogs, Las Vegas Homes and Condos Blogs 0 Comments

How long does it take to foreclose on Las Vegas homes or condos?

In this blog, we will discuss the foreclosure process timeline and who to turn to for advice.

When distressed Las Vegas homeowners 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 to their mortgage holder or the bank for advice. Doing so is seeking advice from your adversary. How smart is that?

Distressed homeowners in Las Vegas should seek the advice of a credit counseling agency, their Realtor, a CPA or a lawyer. Because they don’t work for the lender, and would have your interest at heart.

Below is the foreclosure timeline in Las Vegas

Time-frame: Statutory: 112 days. However, it may take longer. After the borrower misses four payments then:

First legal action: The lender files and Records the Notice of Default (NOD) with the Clark County Recorder

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

Above is the foreclosure timeline in Las Vegas, Nevada. However, the distressed home or condo owner can talk to the trustee and postpone the Trustee sale auction where the act of foreclosing on Las Vegas homes or condos takes place.

For more helpful links please see the pages about Las Vegas foreclosure homes or condos for sale.

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