How to Stop Foreclosure in Nevada

Learning how to stop foreclosure in Nevada is vital for homeowners, even if the process has already begun. Many homeowners believe that when the notice of foreclosure is received, then there is nothing else to be done. This is not the case, as there are a few options for the homeowner to try, Even if it means selling the house in a short sale to avoid having a foreclosure notice against the homeowner�s name.

One of the first things to keep in mind is how the foreclosureshappen, and is there a redemption period after the house has gone up on auction. It is also a good idea for the homeowner to go through the mortgage agreement to see what clauses are in there. Nevada runs its deeds under a title deed system; basically this means that the house is considered the property of the lender until the property is paid in full. This means that there is no redemption period. As the foreclosures run as a non-judicial foreclosure, there is no court action required; the lender has to advertise the intent to sell in both the local newspaper as well as at the courthouse where the auction will take place

The process of foreclosure has very strict guidelines, and the lender must follow them exactly. Before initiating any foreclosures, the lender has to serve the homeowner with a notice of default. In this notice it must clearly say that the debtor has 35 days to pay the default payment. This letter needs to be sent by certified mail. The homeowner can then stop the foreclosure at this point by filing Intent to Cure. The homeowner also has up to 15 days before the sale to pay. This would be the best time for the homeowner to pay, as the borrower could also go to the lender and request a refinance solution.

If there is no word from the homeowner, then the lender will post a notice of foreclosure; this notice needs to be up for at least 3 weeks, or 21 days before the sale. A normal foreclosure process takes around 120 days.

One of the options that a homeowner has is to declare bankruptcy. The homeowner would first speak to a bankruptcy lawyer to find out the legibility of the bankruptcy and would then start the procedures for filing. This move would prevent the house going up for auction, but would cause the homeowner to receive bad credit. The lender would then sell off the homeowner�s personal effects in order to reclaim some monies lost. If this is not appealing, then the homeowner should go and speak to the lender. There are companies that will provide this service for free. They can negotiate, on behalf of the homeowner, a complete reworking of the original mortgage payments. This could even result in both lower payments, as well as a lower interest rate.

The homeowner could even get a trusted family member to buy the house. The family member would then become a trustee, and the homeowner would then pay back that family member.