|
 |
| |
| |
 |
|
| |
If your real estate was financed by a Deed of Trust (and most real estate financing is with a Deed of Trust), the loan company can foreclose on your property by following the procedures described by Chapter 107 of the Nevada Revised Statutes. To review these laws for yourself, click here. Obviously, these laws were written by lawyers for lawyers, and not to be understood by anyone else.
If you are facing foreclosure by your Home Owners Association, Special Assessment District, or for County Real Estate Taxes, the procedures will be different.
The process for foreclosure under a Deed of Trust is:
| 1 |
Record and
Mail a ‘Notice of Default." The recording
is processed at the County Recorder’s
Office, which is the same place real estate
titles are recorded. The mailing must be by
certified mail, return receipt requested. If
the property is owned by more than one owner,
the notice must be mailed to each owner individually.
Since many people won’t go to the post
office to pick up a certified letter, copies
of the Notice of Default are often also mailed
by regular mail. Please note, that UNDER NEVADA
LAW, IT DOESN’T MATTER IF YOU EVER RECEIVE
THE NOTICE OF DEFAULT. If you moved and left
no forwarding address, you took the risk that
you wouldn’t receive important information
about your property. |
| 2 |
Wait 90 days from the
date "Notice of Default" was recorded
and mailed. During the first 35 days of the
waiting period, if you pay off all of the past
due amounts owed (including late fees, foreclosure
fees, and interest), you have the right to keep
the loan active. However, after 35 days, the
lender may demand that you pay off the ENTIRE
LOAN in order to prevent the foreclosure from
proceeding. |
| 3 |
Mail
a Notice of Sale at least 20 days before the
Public Sale is scheduled. Please note that UNDER
NEVADA LAW, THERE IS NO REQUIREMENT THAT YOU
RECEIVE THIS NOTICE BY ANY PARTICULAR DATE. |
| 4 |
Hold
a Public Sale at a location specified in the
"Notice of Sale." If there are no
bidders, the property will be sold to the lender
holding the sale. |
| |
| After
the sale, the process to evict you from the property
is: |
| 1 |
Deliver
a 3 day notice of eviction to the property. |
| 2 |
If
you do not leave the property within the 3 day
period, apply for a Writ of Possession to have
the Constable remove you from the property. |
| 3 |
If
the new owner presents evidence that the property
is in jeopardy (even if it is not true), the
Court may grant an emergency Writ of Possession
even before the 3 day notice has expired. |
| ----------------------------------------------------------------------------------- |
| In
many instances, the new owner may not wish to
evict you from the property because of the expense
and the chance that you will wreck the property
when you leave. Instead, they may offer you
"cash for keys" to help you pay your
moving expenses and to act as an insurance policy
that you won’t damage the property. Even
though there is no guarantee that the new owner
will offer you cash for keys, the better the
property looks from the outside, the more likely
it will be that the new owner will treat you
with respect and to thank you for maintaining
the property during these difficult times. |
| ----------------------------------------------------------------------------------- |
I believe that Nevada Foreclosure
laws should be changed to make them more consumer
friendly. As a Bankruptcy Attorney, I would
propose changing the foreclosure process to
help many consumers by making some small changes
to the Notice of Foreclosure form. I suggest
that this form be required to - |
| 1 |
Provide
a telephone number to the foreclosure
company or lender, and require the phone
to answered by an actual person during
business hours. The form should also provide
a fax number and an email address with
a guaranteed response time. No one expects
the foreclosure company to have to handle
abusive calls, listen to sad stories about
why payments can’t be made, or to
provide consumers payment arrangement
that the law doesn’t allow, because
there is nothing the foreclosure company
can do about any of that. But there are
situations where payments get lost, and
there should be a way to communicate with
the foreclosure company. Most foreclosure
companies only provide a phone number
with a recorded message that lists properties
they have for sale. There is no one to
talk to and no way to leave a message.
This is not a professional way to do business! |
| 2 |
State the date and
time of the foreclosure sale beginning
with the first notice. If the sale gets
postponed for some reason, the later notices
should state the sale date and time. What
reason could there possibly be to leave
people wondering when they will have to
pack up their stuff and move? Show a little
courtesy and respect for those people
going through hard times. |
| 3 |
State what amount must
be paid to bring the account current during
the first 35 days. Explain that the lender
may refuse anything less than the entire
balance after the first 35 days. If the
lender will accept payments after the
first 35 days, set out any special procedure
that must be followed. Provide a payment
address and manner of payment. If the
lender requires a money order or certified
funds, the notice should say so. When
people don’t know what the options
are, they take the easy way out and do
nothing. When they don’t know how
important it is to act promptly, the do
nothing. If they know and do nothing,
it was their choice! |
| 4 |
Send the consumer
a full account history of the loan. Many
times there is a legitimate dispute as
to payments that were not credited to
the account, and large sums that should
have been credited are held in a "suspense
account" as if the lender had never
received them. This is a dishonest business
practice many lenders use to justify expensive
late charges and other fees. |
| 5 |
Send a copy of the
Notice of Foreclosure to the "Occupant"
of the property, so renters can find out
that the property is in foreclosure. |
| 6 |
Include with the
Notice of Foreclosure a list of names,
addresses and telephone numbers of community
resources that assist persons in foreclosure. |
| |
|
|
For a confidential no obligation assessment, please contact us by phone 1-800-903-5715 or from our contact information.
|
|
|
|
