Las Vegas Foreclosure Timeline & Nevada Foreclosure Mediation Links
Here is a rough timeline for foreclosure in the Las Vegas, Henderson & North Las Vegas areas. I am using minimum time frames and
many foreclosures last longer than the time frames given. Trustee Sales can be stalled for various reasons: loan modification, bankruptcy & short sales are the common reasons! Inaction is not a common reason!
Payments are missed
3+ months later a “Notice of Default” (NOD) or “Breach & Election to Sell” is recorded – you have 30 days to file for Nevada Foreclosure Mediation if you are eligible. You are encouraged to seek the advice of an attorney (not just at this stage but even before this stage!)
If you don’t try to seek a solution with Nevada Foreclosure Mediation, another 3+ months a “Notice of Trustee Sale” will be filed.
Your sale date will be 30-60 days after the Notice of Trustee Sale is filed. Your home will be sold at auction to a private investor or go back to the bank as “REO” (Real Estate Owned).
If you are still occupying your home at this point, several things may happen with the new owners. They may straight up evict you or offer you an incentive to leave the home in decent condition. It depends on the laws of your occupancy status and who purchases or ends up owning the home.
Please keep in mind I am not a lawyer but just aware of the timelines and the process of foreclosure in the Las Vegas area. You are highly encouraged to seek the help of an attorney if you feel you are in danger of losing your home and the sooner – the better!
http://bit.ly/dxsvb Las Vegas Foreclosure Timeline & Nevada Foreclosure Mediation … http://bit.ly/g451xB