Nevada Foreclosure Timeline
This information is provided for homeowners and their families in Clark County (Las Vegas) and all other counties in Nevada.
The following timeline and description of the foreclosure process here within are intended for educational purposes and not to be construed as legal advice.
The Foreclosure Process in the state of Nevada typically takes about 6 months from the time the Notice of Default is filed to the Eviction of the homeowner.
Notice of Default
Starts the foreclosure process - it is prepared, recorded, mailed, posted, published and a copy sent to all parties (owner, all lenders, IRS, local, state, and federal tax agencies) who have an interest in the property.
Reinstatement Period(month 1)
Starts on the first day the notice of default is recorded. This is a 35 day period in which the homeowner can reinstate the loan by making any back payments, foreclosure fees and other allowable expenses.
Redemption Period (months 2-3)
Starts on day 36 from the recorded date of the Notice of Default. Now the homeowner is now responsible for paying the remaining loan balance along with all foreclosure fees and other allowable expenses. It should also be noted that approximately 10 days before the end of the redemption period, the trustee will notify the lender for permission to prepare the Notice of Trustee Sale for publication.
Publication Period (month 4)
Means the Notice of Sale must be published once a week for three consecutive weeks (21 days) prior to the Trustee Sale.
Trustee Sale (month 5 )
Is the final step in the foreclosure process and it is extremely important to remember the homeowner has no right of redemption after the sale is finalized. If there is a successful bidder at the sale, the new owner will purchase the property in "as is" condition with no warranties. If there are no bidders at the sale, the lender becomes the sole owner as an REO (Real Estate Owned).
Eviction (month 6)
Process starts after the Trustee Sale is finalized. The eviction process is initiated by posting a 3 day Notice to Quit on the property. If there is no response, the new owner will file a 5 day Eviction Notice with the court. If there is no response by 5pm on the 5th day, the Constable will evict the resident.
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Keep Me In My Home is in no way trying to permanently prevent foreclosure. At no point will Keep Me In My Home be contacting your lender or giving you advice on how to prevent your foreclosure. Keep Me In My Home is simply working at the trustee level to delay the trustee sale of our client’s properties. We are not offering any legal advice nor representing you in any way. We advise clients to consult their local tax attorney or professional. Keep Me In My Home is not collecting any advanced fees, as services are provided prior to Keep Me In My Home being paid. Keep Me In My Home has no guarantees that it will delay your sale, although no home has been lost in the first 6 months in the program. Keep Me In My Home should be used as the last resort for anyone who intends to keep their home after exhausting all other avenues.
All clients realize that THEIR HOUSE CAN BE FORECLOSED ON WHILE IN THIS SERVICE.
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