Summary of Nevada's Foreclosure Laws

Related Ads

Need Professional Help? Talk to a Lawyer

Enter Your Zip Code to Connect with a Lawyer Serving Your Area

searchbox small

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.

Topic

State Rule

Most common type of foreclosure process

Nonjudicial under power of sale in deed of trust

Time to respond

Foreclosing party records a three-month notice of default and election to sell and mails a copy to the borrower (must include notice of right to mediation). The notice of default must also be posted on the property. Foreclosing party must also serve a notice stating borrower is in danger of losing the home to foreclosure at least 60 days before sale, and mail a notice of sale at least 20 days before sale. Notice of sale must also be posted on the property, in several public places, and published.

Reinstatement of loan before sale

Borrower may reinstate up to five days before the sale

Redemption after sale

Not available after a nonjudicial foreclosure

Special protections for foreclosures involving high-cost mortgages

For a mortgage loan on or after October 1, 2003, that is subject to the Home Ownership and Equity Protection Act of 1994 (HOEPA), Nevada law requires the lender to serve the borrower a notice at least 60 days prior to the foreclosure. Nev. Rev. Stat. § 107.085. Violations of high-cost home loan statutes support a defense to foreclosure. Nev. Rev. Stat. § 598D.110.

Special state protections for service members

None

Deficiency judgments

Foreclosing party may obtain deficiency judgment by filing a separate lawsuit within six months of foreclosure sale, but not if: loan was made on or after October 1, 2009, lender is a financial institution, the property is a single-family home owned by the borrower at the time of sale, borrower has resided in home continuously, the borrower used the proceeds of the loan to purchase the property, and the borrower has not refinanced the loan. Amount of deficiency is limited to the lesser of the difference between the total debt and fair market value of the home, or the difference between the total debt and foreclosure sale price.

Cash exempted in bankruptcy

$1,000 under state bankruptcy exemptions

Notice to leave after house is sold

New owner must provide a three-day notice to quit (leave) before filing an eviction lawsuit. Nev. Rev. Stat. § 40.290

Foreclosure statute

Nev. Rev. Stat. §§ 107.0795 through 107.130; 40.451 through 40.463

Talk to a Lawyer

Start here to find foreclosure lawyers near you.

HOW IT WORKS
how it works 1
Briefly tell us about your case
how it works 2
Provide your contact information
how it works 1
Connect with local attorneys
Related Ads
LA-NOLO2:CM1.2.1.20150520.32264+