Nevada Foreclosure Process

In this guide, we’ll explain the process and timing for private mortgage lenders to complete a foreclosure in the state of Nevada.

Most of the information below was gathered from an interview we did with Randy Newman, President of Total Lender Solutions. They provide non-judicial foreclosure services in 5 states. Visit their profile on our Service Provider Directory to learn more about their services.

Nevada is a Non-Judicial Foreclosure State

Nevada is a non-judicial state, which means that the foreclosure is completed by an auction sale as opposed to a court proceeding. The lender must appoint a 3rd party, the trustee, to handle the foreclosure process.

The foreclosure process in Nevada could take as little as 120 days from start to finish. It’s a 3 step process, starting off with a Notice of Default, Notice of Sale and ending with an auction.

Foreclosure Process for Business-Purpose Mortgages

Step 1 – Record Notice of Default

After the trustee records a Notice of Default (NOD), there is a 3-month waiting period. All parties involved will receive a copy of the notice by certified mail. The Borrower has 35 days to bring the loan current. After that 35-day period, the loan must be paid in full.

Step 2 – Notice of Sale

After the 3-month period, the trustee asks the lender for permission to send a Notice of Sale. The Notice includes the time, date, place of the sale, and the amount owed. The Notice is published in a local news publication, posted on the property, and mailed to all parties involved, including the IRS if there are any tax liens on the property.

Step 3 – Foreclosure Auction Sale

As with most foreclosure auctions, the property will be sold to the highest bidder who must come to the sale with all the funds to pay for the full price. There is no deposit. The trustee will take the certified funds, and several days later, will then issue the trustee’s deed, and the successful bidder becomes the owner of the property.

If the property reverts to the foreclosing lender, the trustee’s deed is sent to the lender the day of the sale.

Unique Foreclosure Process for Consumer Mortgages

If the defaulted loan is a consumer mortgage, the process is slightly different. First, the borrower has until 5 days before the sale to bring the loan current and end the foreclosure process. They can also pay off the loan within 5 days before the sale to end the foreclosure.

the trustee sends out a mediation package along with the Notice of Default. This informs the borrower that they can go to meditation with the lender if they feel something can be worked out. The borrower must submit an application within the first 30 days of receiving the NOD. A mediator’s fee must be included with the application. The court will then notify the lender and trustee of the mediation. The lender also has to pay a portion of the mediator’s fee.

If the mediation fails, the court will inform the trustee, by sending a certificate of mediation clearance, that they can proceed with the Notice of Sale at the end of the 90-day waiting period. If the mediator feels the lender was not cooperative during the mediation, they can refuse to issue the certificate. The lender would then have to try to resolve this with the court, which could cause the process to go longer than the typical 4-month duration.

Under Nevada law, the foreclosure must be completed within 9 months. So if there are any circumstances which cause delays past 9 months from the NOD, the lender must restart the entire process from scratch.


How to Find Foreclosure Service Providers

If you’re a lender seeking help with a foreclosure, use our website as a resource. Our Service Provider Directory has a list of companies that offer foreclosure services throughout the United States.

  1. Click Services in the main menu to access our Service Provider directory
  2. Click Lender Services
  3. Look for the Filters section, click Foreclosure
  4. View each company’s profile to learn about their program
  5. Click the green CONTACT button and reach out to the company directly

The companies listed pay us a monthly advertising fee, so there is no cost to make contact through our website. Please remind each company that you found them on PrivateLenderLink.com.

Visit the Service Provider Directory

January 12, 2022