Q&A: How long does the foreclosure process take from “Notice of Foreclosure” to your house going up for auction?

Question by Leo J: How long does the foreclosure process take from “Notice of Foreclosure” to your house going up for auction?
I live in Las Vegas. I just received a Foreclosure Intent notice by certified mail. How much longer can I stay in my house?

Best answer:

Answer by Steve
THESE ARE THE STEPS.
1- ONCE LENDER FILES (notice of default) YOU HAVE 90 DAYS FROM THE FILING DATE TO PAY ALL BACK PAYMENTS PLUS PENALTY,PLUS FORECLOSURE FEES..IF YOU DO NOT PAY OR REACH SOME FORM OF AGGREMENTS WITH YOUR LENDER,THEY CAN FILE(notice of election to
sell).THIS NOTICE IS USUALLY FILED 100 DAYS AFTER ORIGINAL FILING OF NOTICE OF DEFAULT.ONCE YOU ARE INFORMED(register mail) ABOUT
FILING,YOU HAVE 21 DAYS TO PAY THE ENTIRE AMOUNT YOU OWE.
IF YOU FAIL TO PAY THE ENTIRE AMOUNT BEFORE THE 21st.DAY,THEN
YOUR HOME WILL GO ON AUCTION. ONCE YOUR HOME HAS BEEN AUCTIONED OFF,YOU MAY REMAIN THERE,UNTIL ,NOTIFIED BY MARSHAL
AS TO WHEN YOU MUST LEAVE.

A BANKRUPCY WILL STOP ALL OF THESE FOR UPTO 8 MONTHS.AT THE END THEY WILL TAKE IT.YOU MAY ATTEMPT TO SHORT SALE THE HOUSE,
WHICH COULD KEEP YOU THERE FOR A LONG TIME.
NEED MORE INFO,EMAIL ME.

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2 Comments/Reviews

  • Jon says:

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  • foreclosurefish_com says:

    In Nevada , lenders may pursue either a Non-Judicial or Judicial Foreclosure process. The Non-Judicial process is the one that is most commonly used.

    The Judicial Foreclosure process is used rarely in Nevada, and only when there is no “power of sale” clause present in the original loan documents, or if the lender is suing the borrower for a deficiency judgment. The lender must sue the borrower in court and obtain a decree of foreclosure and order of sale. The court may give the borrower up to one year to redeem the property.

    The more commonly used process in Nevada is the Non-Judicial Foreclosure, which requires the original loan documents to contain a “power of sale” clause. This clause authorizes the lender to sell the property in the event of a default by the borrower. If the clause specifies the time, place, and terms of the sale, then those procedures must be adhered to.

    The sale process in Nevada is begun with a notice of default and election to sell being recorded in the county in which the property is located. When it is recorded, a copy is also sent by certified mail to the borrower. The borrower then has thirty-five (35) days to cure the default and bring the loan current.

    If the borrower plans to cure the default, he must file a notice of intent to cure no later than fifteen (15) days before the sale. The amount to bring the loan current is due by noon on the day before the sale date.

    The entire amount of the loan may be called due in the notice of default and election to sell. This is only possible if the terms of the loan documents allow for acceleration of the loan upon default. If the borrower is able to cure the default within the thirty-five day period, then acceleration of the loan by the lender is not permitted.

    The date of the sale can not be less than three months from the date the notice is recorded in the county. The notice of default and election to sell will designate the time and place of the sale. The high bidder receives a trustee’s deed once the sale is completed. The lender will usually bid the amount due plus costs. If there are no higher bids on the property, the property will revert to the lender.

    The borrower has no redemption period if the foreclosure was Non-Judicial. The lender has the right to sue the borrower for a deficiency judgment within three months of the date of the sale.

    Good luck,
    ForeclosureFish

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