If you own property in Nevada or are looking to purchase property in Nevada, it may be helpful to obtain information about Nevada foreclosure recovery laws and regulations. It’s important for you to know your rights if you have a foreclosed property in the state of Nevada as well as understand the Nevada foreclosure process if you are looking to purchase foreclosed properties.

With the recent increase in the number of foreclosures in the state, many foreclosure laws in Nevada are relatively new, making it even more difficult to understand Nevada foreclosure recovery laws and regulations. To understand foreclosure laws in Nevada, you should:

1. Obtain information about Nevada foreclosure laws to learn how they affect property you own or want to buy.

2. Read more about the Nevada foreclosure process and how you can utilize it to benefit your business.

3. Consult with foreclosure attorneys in Nevada for help with foreclosed property, whether you own or want to buy.

Action Steps
The best contacts and resources to help you get it done

Go online to learn more about Nevada foreclosure recovery

The Nevada foreclosure process can typically be completed in approximately four months. Nevada foreclosure law allows lenders to sell a property without filing a lawsuit once owners default on the terms of the mortgage. The borrower has 35 days from the date of notice to pay off the loan or try to delay or stop the foreclosure proceedings.

I recommend: Read more about Nevada foreclosure laws by visiting New Start Solutions. You may also obtain information about foreclosure law in Nevada by checking out Government Mortgage Relief Programs.

Learn how to navigate the Nevada foreclosure recovery process

State officials have been working diligently to implement new Nevada foreclosure laws to help individuals deal with foreclosures. One of the most important factors in the Nevada foreclosure process is timing. Foreclosure prevention methods require a great deal of time and individuals should act quickly if they want to save their properties from foreclosure.

I recommend: Find out more about the Nevada foreclosure recovery process by checking out the Nevada Department of Business and Industry. Learn more about how the state is trying to stop the foreclosure crisis by visiting the webpage of the United States Senator for Nevada Harry Reid.

Obtain information about your Nevada foreclosure law rights

Talking to experienced Nevada foreclosure lawyers will help borrowers explore the best option for them. For example, some lenders will allow borrowers to release their property back to the lender without going through with the Nevada foreclosure process. Other lenders may allow borrowers to participate in a pre-foreclosure sale of the property. Additionally, borrowers may be able to obtain immediate relief of their debts and stop the foreclosure process by filing bankruptcy.

I recommend: Obtain Nevada foreclosure recovery information from the Schwartz Law Firm. Check out LawInfo to find foreclosure attorneys in Nevada.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like 'guarantee' and '97% success rate', upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.

I recommend: Educate yourself about foreclosure recovery scams through the Federal Trade Commission. The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Under Nevada foreclosure law, lenders may seek non-judicial or judicial foreclosure proceedings. Non-judicial is the most commonly used method. However, lenders can only file non-judicial foreclosure proceedings if their original loan documents contain a 'power of sale' clause which authorizes the lender to sell the property if the borrower defaults on the terms of the loan agreement. The judicial Nevada foreclosure process is used when loan documents do not include a power of sale clause.

The first step to recover foreclosures in Nevada is to inform your lender when you can't make your payments on time. Lenders do not want your home because they usually end up losing money in the foreclosure recovery process.

Lenders are therefore motivated to try all options in the Nevada foreclosure process, which may include forbearance, partial claim, payment modification and payment suspension. However, you will have more options if you are only a payment or two behind.

There are three key actions to take in the Nevada foreclosure recovery process:

1. Answer any correspondence that you receive from your lender. These notices will contain important information on the foreclosure recovery process in Nevada and pending legal action.

2. Raise short-term money to make a missed payment. This may include the sale of a second car or jewelry, or a currently unemployed household member may be able to get a job.

3. Avoid foreclosure recovery scams. Many companies that claim to be able to stop your foreclosure will charge you for free information. Others may attempt to obtain the title to your house.

Action Steps
The best contacts and resources to help you get it done

Know how Nevada foreclosure laws will affect you

Laws on foreclosure vary considerably by state so you should be familiar with at least a summary of foreclosure laws in Nevada. You should also read your loan documents to know what your lender can do if you can't make your payments.

I recommend: ForeclosureS.com provides the contact information for the Attorney General’s Office in Nevada and links to specific legislation regarding foreclosure in Nevada.

Get assistance with Nevada foreclosure recovery information

There are housing counselors and online resources available to help you understand your options, assist you in organizing your finances and negotiate with your lender, if needed.

I recommend: Visit the National Foundation For Credit Counseling's Homeowner Crisis Resource Center for information and tools to get started understanding your foreclosure options. The Homeownership Preservation Foundation offers a hotline that provides free foreclosure prevention counseling by HUD-approved agencies.

Retain foreclosure attorneys in Nevada

You may need Nevada foreclosure lawyers to protect your interests, especially if you need to sign documents. If your regular attorney does not handle Nevada foreclosure law, he may be able to make a referral.

I recommend: David J. Winterton in Las Vegas specializes in real estate law and has specific experience in foreclosures. Michael R. Mushkin specializes in several areas of practice, including foreclosures.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like 'guarantee' and '97% success rate', upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.

I recommend: Educate yourself about foreclosure recovery scams through the Federal Trade Commission. The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Speak with a manager when you contact your mortgage company as part of your Nevada foreclosure recovery process. The front-line operator will normally be interested only in obtaining your payments that are past due. Ensure you have your loan number, household expenses and recent pay stubs handy and provide a brief, honest account of your financial circumstances. You also will want to get the direct contact information for the manager to whom you are speaking.

When a property is being foreclosed on in the state of Nevada, there are several ways a defaulted borrower may recover their property and bring the note current. These options use terms and definitions that differ slightly from traditional real estate transactions.

Take the time to learn about some of the terms associated with the Nevada foreclosure recovery process before you begin the process yourself. Here are some of those terms along with quality resources to help get you started.

Action Steps
The best contacts and resources to help you get it done

Notice of default and election to sell

The Notice of Default and Election to Sell is a document that is filed in the county clerk's office in Nevada by the lender showing the intent to foreclose on the property in default. The defaulted borrower has 35 days to cure the debt, thus recovering their property from default.

I recommend: Visit the website for Foreclosures.com for further information on the Notice to Default and Election to Sell Document in Nevada that is filed with the county clerk.

Mortgage or lien

While the terms mortgage or lien constitute two different definitions in other areas, in the state of Nevada, in terms of recovery of a property they are used interchangeably. A defaulted borrower either owes money on a lien that has been placed against the property or a mortgage that they have defaulted on. In order to recover the property, a defaulted borrower must cure the mortgage or lien debt.

I recommend: Visit the official Nevada state website for further information on how the lien is defined against a piece of property. (It is law NRS 40.433 found about halfway down the document.)

Redemption period

The redemption period refers to an allotment of time after the 35th day the notice of default was filed, whereby the defaulted borrower is now responsible for all foreclosure fees and allowable expenses on top of the defaulted mortgage amount. In order to recover the property, all of these fees and charges must be brought current.

I recommend: Visit the website for Jan O'Brien, a real estate adviser who specializes in the area of foreclosure, where there is further information on her website about the foreclosure recovery process in the state of Nevada.

Notice of intent to cure

The Notice of Intent to Cure is a document that must be filed by the defaulted borrower with the county clerk that states that the defaulted borrower intends to pay the mortgage debt or lien no less than 15 days prior to the sale of the property. A defaulted borrower may recover their property by obtaining another loan, which satisfies all associated charges and fees, or by paying the lender cash.

I recommend: Visit the website for United States Foreclosure Procedure Laws.com for additional information on filing a Notice of Intent to Cure within the state of Nevada.

Forbearance

Forbearance refers to an agreement between the lender and the defaulted borrower whereby the lender agrees to suspend or greatly reduce the monthly mortgage payment for a short period of time. This allows the defaulted borrower to get back on their feet and pay down any liens or debts. A forbearance agreement in the state of Nevada may be worked out during the foreclosure process allowing the defaulted borrower to recover their property.

I recommend: Visit the website for the Nevada Department of Business and Industry for further information on how to obtain a forbearance agreement and recover your property within the state of Nevada.

Partial claim

A partial claim is a one-time payment made on behalf of the defaulted borrower by the Federal Housing Authority (FHA) to the lender curing the defaulted piece of the mortgage. This brings the defaulted borrower current. A lien is placed against the property for the amount that the FHA paid the lender. That lien must be paid once the original mortgage is paid off. The lien is interest free. A defaulted borrower in Nevada may recover their property by obtaining a partial claim.

I recommend: Visit the website for New Start Solutions for additional information on how obtaining a partial claim can recover a property out of default within the state of Nevada.