Nevada has some of the highest number of foreclosures in country. The past two years have been higher than ever. Many people in the state are being impacted by the economic crisis that we are currently facing. This has caused more and more homeowners to miss mortgage payments in order to pay life expenses. Including food for their families.

Many homeowners who have become deliquent on their mortgage are wondering, “How long do they have before the bank forecloses?”  Well in Nevada from the time you begin to miss you payments, you have about four to six months before the lender forecloses on your property and your forced to leave the home.

Foreclosure can be held using either the judicial or non judicial process.

Judicial foreclosure:

In order to use this process, the lender must file a lawsuit against the homeowner. They must first prove to the courts that the borrower is indeed in default of their mortgage.

Once the borrower is officially in default, the court will issue the borrower a notice informing them that they need to pay the past dues by a set date. If the homeowner does not pay or respond in time they will continue with foreclosure proceedings. At this time another notice will be issued to the borrower, but this time there will be a sale date listed. So by this time if the borrower did still not try to attempt to resolve the situation then the sale will go through. The home will then sale to the highest bidder at auction.

Non Judicial foreclosure:

This way is much more common in Nevada because it costs less for the lender and takes much less time to complete the process as well. Since there will be no court actions involved. When there is no power of sale clause; present in the deed of trust or original mortgage, this way of foreclosure will be used.

The first step will include the lender sending the borrower a Notice of Default (NOD) informing them there account is in default and foreclosure will proceed if they do not respond. The very next day after the NOD is filed the borrower will have anywhere from about fifteen to thirty-five days to pay all past due amounts in order to bring the account current. If the borrower does not respond or pay the amount, the home will sale as scheduled.

One way to stop the foreclosure from taking place is to file an “intent to cure” with the public trustee’s office at least fifteen days before the actual day the home is scheduled to sale.

Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, LoanSafe.org. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.