Steps in the Nevada Foreclosure Process
Homeowners are given a chance to avoid losing their property.
Many people in Nevada have tried to stop foreclosure as the state has faced housing difficulties tied to the recession.
While some have lost their homes, others may still be facing that prospect and do not know how the process is carried out. Recently, the Reno Gazette-Journal outlined how lenders go about foreclosing on a property.
Once a home loan has been without payment for between three to six months, a lender will file a notice of default with the recorder's office in the county where the property is located. Homeowners are then notified and have between 15 and 35 days to get current on their mortgage payments.
"The owner of the property may stop foreclosure proceedings by filing an 'intent to cure' with the Public Trustee's Office at least 15 days prior to the date of the foreclosure sale and then paying the amount needed to bring the loan current by noon the day before the foreclosure sale is scheduled," the paper said.
According to RealtyTrac, Nevada had the highest foreclosure rate in the country in May. One in every 79 homes faced a filing, which was more than five times the country's average.
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