If you are facing foreclosure in Nevada, it’s important to understand some of the basics, including:
- the most common type of foreclosure procedure (judicial v. nonjudicial) used in Nevada
- how much time you have to respond
- your rights and protections in the process, and
- what happens afterwards (for example, whether you’ll be liable for a deficiency judgment).
Below we have outlined some of the most important features of Nevada foreclosure law. Keep in mind that this is just a summary; we’ve included statute citations so you can get more details from the laws themselves. And be sure to check out Nolo’s extensive Foreclosure section, where you can find information about all aspects of foreclosure, definitions of foreclosure terms (like redemption and reinstatement), and options to avoid foreclosure.
|Common type of foreclosure process||Nonjudicial: under power of sale in deed of trust|
|Time to respond||Foreclosing party must give homeowner a three-month Notice of Default and Election to Sell and a three-week notice of sale.|
|Reinstatement of loan before sale||Within 35 days after foreclosing party records notice of default in local land records office|
|Redemption after sale||No|
|Special protections for foreclosures involving high-cost mortgages||If trust deed was entered into on or after October 1, 2003 and is subject to HOEPA (see Ch. 7), homeowner must be personally served with an additional 60-day notice before date of sale. Violations of high-cost home loan statutes support a defense to foreclosure. Nev. Rev. Stat. §§ 598D.010 through 598D.150|
|Special state protections for service members||None|
|Deficiency judgments||May be obtained by filing a separate lawsuit within six months of foreclosure sale. Amount is limited to the lesser of:|
|Cash exempted in bankruptcy||None|
|Notice to leave after house is sold||New owner must give former owner a three-day notice to quit (leave) before filing an eviction lawsuit. Nev. Rev. Stat. § 40.290|
|Foreclosure statute||Nev. Rev. Stat. § 107.080|