Finding Foreclosure Help in Nevada

Finding Foreclosure Help in Nevada

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Las Vegas Field Office

Dept. of Housing and Urban Development
300 South Las Vegas Blvd.,
Suite 2900
Las Vegas, NV 89101-5833
Phone: (702) 366-2100

Fax: (702) 388-6244

Kenneth J. LoBene
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Reno Field Office

U.S. Department of Housing and Urban Development
Reno Field Office
745 West Moana Lane, Suite 360
Reno, NV 89509
Phone: (775) 824-3700

Fax: (775) 824-4978

Tony Ramirez

Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Nevada Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is available.
The primary security instruments are mortgages and deeds of trust.
The timeline can vary by process, which typically takes 120 days.
The borrower has rights of redemption.
The lender may sue for deficiency judgements.
Deeds of trust and mortgages may be foreclosed in Nevada using the judicial or non-judicial process.

Judicial Foreclosure
The judicial process is done when there is no power of sale clause in a mortgage deal. This is done by filing a lawsuit to obtain a court order to foreclose the property. When this happens, the lender can sell the property. The borrower may still reclaim the property by curing the default within 1 year.

Non-Judicial Foreclosure
If the power of sale clause is present in a mortgage deal, the non-judicial process is used. In the process, the borrower has pre-authorized the lender to sell the property to pay off his debts in the event of a default. The process of the non-judicial process is outlined below.

Power of Sale Foreclosure Guidelines
If the power of sale clause includes the specifics and terms of the sale, this must be followed. If not, the non-judicial process must be done as follows:

The foreclosure sale must be done during the time and place indicated in the notice of sale. It must also be done the same way that real property are sold.
The borrower has a chance of curing the default within 15-35 days from the declaration of the notice of sale.
An intent to cure must be filed to stop the processing of the foreclosure process. This must be filed 15 days before the foreclosure sale.
At the latest, the payment must be made the noon before the date of the sale.
Lenders have up to 3 months to file for deficiency judgements, while borrowers have no rights of redemption.