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Las Vegas Foreclosure Timeline
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FORECLOSURE TIMELINE Approximate minimum timeframe for the foreclosure process. |
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Calendar |
Action |
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Delinquency Period |
Trustor (Borrower) fails to make payments on loan secured by Deed of Trust. Several special notices may be sent to the borrower by the lender(Beneficiary). Beneficiary requests that the trustee file a Notice of Default and Election to sell. |
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Day 1 |
Notice of Default and Election to Sell (NOD) filed with county recorder. Copies mailed to appropriate parties. Foreclosure process has begun. |
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35 Days after NOD |
Borrower or secondary lender may pay off delinquent amount and reinstate the loan and stop the foreclosure. |
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After 3 months |
Trustee sets sale date and time. |
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25 Days Before Sale |
Notice of Sale must be sent to IRS, if applicable. |
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21 Days Before Sale |
Notice of Sale posted at three public places and mailed to appropriate parties. Sale must also be published three consecutive weeks in appropriate adjudicated newspaper. |
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Sale Date |
Trustee’s Sale is held. Property is sold to the highest bidder. Trustee’s deed is given to buyer. |
The Ballen Group of Coldwell Banker Wardley is high successful with Las Vegas shortsales, the information provided on this website should not be taken as legal advice. The Ballen Group does not contain any licensed attorneys. Please consult legal advice, accounting advice, and mortgage advice from licensed & able professionals in each field.
Samples of Las Vegas Shortsale Bank Approval Letters
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