"Foreclosure" is a common term used to describe a Trustee's Sale Proceeding.
A Trustee's Sale Proceeding is the procedure for enforcing a lender's rights once an
obligation, which is secured by a deed of trust, is in default.
The Pre-Publication Period:
The Non-Judicial Foreclosure process commences upon the recording of a Notice of Default.
The Notice of Default must be mailed to the Trustor (Borrower) and all parties who have recorded a Request for Notice within ten days of recording the Notice of Default.
Unless the Note is all due and payable the borrower has the right to reinstate the obligation within 35 days of the mailing of the Notice of Default. After the 35 day period, the beneficiary
can demand the entire unpaid obligation be paid in full.
The Publication Period:
Three (3) months after the Notice of Default is recorded, a 'Notice of Sale' will be published,
once a week for three consecutive weeks in a newspaper of general circulation within the
county in which the property is located.
The public sale is normally scheduled during the week after the third publication. This
'Notice of Sale' will also be Posted a three public places within the same county, prior to the
sale date.
Copies of the 'Notice of Sale' are mailed to all entitled parties.
The Trustee's Sale:
The Trustee's Sale is a public auction. All bidders must qualify prior to the auction, and
they must have certified funds at the sale site.
Once the Trustee's Sale has concluded, a "Trustee's Deed" is issued to the successful bidder.
If no one bids for the property, the "Trustee's Deed" is issued to the beneficiary.
NOTES:
The average time for completion of a Nevada, 'Non-Judicial Foreclosure Process' is approximately four (4) months for the date the Notice of Default is recorded to the date of
the Trustee's Sale.
Certain occurrences may serve to delay a Non-Judicial Foreclosure (e.g. A Bankruptcy filing,
A Temporary Restraining Order, or A Mutual Agreement between the parties involved, etc.)
