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Nevada
foreclosures
are
primarily
accomplished
out
of
court.
An
out-of-court
foreclosure
in
Nevada
can
be
completed
in
about
four
months.
Pre-foreclosure
Period
In
Nevada,
many
mortgages
allow
lenders
to
sell
a
property
once
an
owner
defaults
without
having
to
file
a
lawsuit.
A
lender
begins
the
foreclosure
process
by
recording
a
notice
of
default
with
the
county
recorder
and
mailing
the
notice
to
the
borrower.
A
borrower
or
any
secondary
lender
has
35
days
from
the
date
the
default
notice
is
recorded
to
pay
off
the
default
and
stop
the
foreclosure.
At
least
three
months
after
recording
the
notice
of
default,
the
lender
can
schedule
a
foreclosure
sale
if
the
borrower
has
not
paid
off
the
default
amount.
Notice
of
Sale
/
Auction
A
trustee
(third
party
named
in
the
deed
of
trust)
carries
out
the
public
sale.
A
notice
of
sale
is
posted
at
least
20
days
before
the
trustee
sale
date
in
three
public
places
and
published
in a
local
newspaper
once
a
week
for
three
weeks.
The
notice
of
sale
is
also
mailed
to
the
affected
parties.
The
sale
may
be
at
the
trustee's
office,
and
anyone
may
bid.
Except
for
the
lender,
the
winning
bidder
has
to
pay
the
full
bid
amount
in
cash
or
cashier's
check
to
the
trustee.
If
the
sale
is
postponed,
a
public
announcement
is
made
at
the
time
and
place
of
the
sale.
After
the
sale,
the
trustee
transfers
ownership
to
the
winning
bidder.
An
out-of-court
foreclosure
provides
the
winning
bidder
with
clear
title,
and
there
is
no
redemption
period
for
the
borrower
after
an
out-of-court
foreclosure
sale.
Although
court
foreclosures
are
uncommon
in
Nevada,
there
is a
one-year
redemption
period
for
this
type
of
foreclosure.
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