In order to make informed decisions, you need to know where you currently are in the foreclosure timeline. We’ll cover the 4 major milestones for Nevada on this timeline.
Step 1: Missed payment
You missed a payment. It happens. Maybe you had a medical emergency or other unexpected expense. Your the lender will call or mail a notice requesting immediate payment. This is usually 30-days after the usual payment due date. Public records may post your home on local pre-foreclosure lists. This starts the 90 foreclosure timeline process.
Step 2: Missed 2nd payment
If you didn’t make up your first missed payment, and subsequently missed a second payment, your lender will step up their efforts to make contact with you. You are now over 60-days past due and behind on two payments. You may also owe additional late payment fees or penalties. Your home stays listed with other available pre-foreclosures.
Step 3: Missed 3rd Payment (90 Days in Arrears)
At this point, your lender will send you a “Notice of Trustee Sale” to the homeowner. Typically you’ll have 21 days to bring the account current, plus all applicable fees. This is the most critical phase or the point of no return.
Step 4: Real estate foreclosure auction
After the date specified by the lender, your property is put up for sale at a foreclosure auction run by the sheriff or a local public trustee. All parties can submit a bid on the property and the auction winner becomes the new owner, pending some final confirmations and the possible redemption period.
Step 5: Redemption Period
There is No Redemption Period in the State of Nevada. Once a property is sold at the auction, the new owner of the property has the right to evict the previous owner.