Current Nevada Law: Subject to Verification
This article discusses Nevada title, deed, foreclosure, property-tax and HOA law under current Nevada law as of the last reviewed date, and it is subject to change. Nevada deed-of-trust foreclosure procedures are governed primarily by NRS Chapter 107; Nevada common-interest-community (HOA) lien and foreclosure law is governed primarily by NRS Chapter 116. Statutes, deadlines, procedures and remedies change. Always verify current Nevada law and the specific facts of your situation with a qualified Nevada attorney and title professional before acting.
Why Is There a Trustee?
Nevada commonly uses deeds of trust to secure real estate loans. The structure involves the borrower/trustor, the beneficiary/lender, and the trustee. When qualifying default occurs and statutory requirements are followed, the trustee may exercise the power of sale.
Is This a Court Foreclosure?
A trustee's sale is generally associated with nonjudicial foreclosure. However, foreclosure laws contain many procedural and consumer-protection requirements.
If You Receive a Notice
Do not wait until the scheduled sale date to ask what it means. Potential options may shrink as time passes.
Possible Paths
Depending on circumstances, possible paths can include reinstatement, loan modification, a foreclosure-prevention alternative, selling, a short sale, bankruptcy or a legal strategy, or another servicer solution. No article can determine which option applies to an individual homeowner.
Lisa's Role
If selling is being considered, Lisa can quickly evaluate current market value, likely equity, sale timing, and expected net. The servicer/attorney handles foreclosure rights and loan resolution.
