Is Judicial Foreclosure Available? Yes
Is Non-Judicial Foreclosure Available? Yes
What are the Primary Security Instruments: Deed of Trust, Mortgage
What is the Timeline? Usually 120 days
Is there Right of Redemption? Yes
Are Deficiency Judgments Allowed: Yes
In Nevada, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
The judicial process of foreclosure involves filing a lawsuit to obtain a court order to foreclose. It 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.
The borrower has one year (12 months) after the foreclosure sale to redeem the property if the judicial foreclosure process is used.
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. 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, referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.