Nevada Foreclosure Law

In Nevada, lenders may foreclose on deeds of trusts or mortgages in default using either a Nevada judicial foreclosure or Nevada non -judicial foreclosure process. Nevada Foreclosure law allows both right of redemption and deficiency judgements.

Nevada Foreclosure Timeline

Nevada Foreclosure timeline is typically 120 days.

Judicial Foreclosure Law in Nevada

The NV judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

Right of redemption under judicial foreclosure law in Nevada

The borrower has one year (12 months) after the foreclosure sale to redeem the property if the judicial foreclosure process is used.

NV Non Judicial Foreclosure

The NV non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust.

What is a power of sale?

A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default.

In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee.

Deficiency judgement and right of redemption in Nevada Foreclosure

Lenders have three (3) months after the sale to try and obtain a deficiency judgment. Borrowers have no rights of redemption.

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