Nevada Foreclosure Laws

Written by Manuel Martinez, RealtyTrac contributorPublished Jun 6, 2013

Last updated Aug 10, 2023

Key Takeaways

Nevada foreclosures are mostly out of court and can be completed in about four months.
Borrowers have 35 days from the recorded notice of default to pay off the default.
The sale can be scheduled at least three months after the notice of default is recorded.
There is no redemption after an out-of-court sale; court foreclosures carry a one-year redemption period.

Foreclosure Process Overview

Nevada foreclosures are primarily accomplished out of court. An out-of-court foreclosure in Nevada can be completed in about four months.

Judicial	Non Judicial	Comment	Process Period	Publish Sale	Redemption Period	Sale/NTS
•	•	Trustee Sale mostly	116 days	80 days	None	Trustee

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.

Common Question: Which is worse bankruptcy or foreclosure? Find out the facts regarding bankruptcy vs. foreclosure.

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.

Assembly Bill 284 took effect October 2011, requiring lenders to provide a notarized affidavit of authority to exercise power of sale under a deed of trust. Anyone signing documents on behalf of a lender must have “personal knowledge” of who owns the promissory note on the loan. In addition, AB 284 states that mortgages and assignments of real property may not be enforced unless they are recorded in the office of the recorder of the county in which the property is located.

Frequently Asked Questions

How long does foreclosure take in Nevada?

An out-of-court foreclosure can be completed in about four months.

Is there a redemption period after foreclosure in Nevada?

Not after an out-of-court sale. The uncommon court foreclosures have a one-year redemption period.

How do you pay at a Nevada trustee sale?

Except for the lender, the winning bidder must pay the full bid in cash or cashier's check to the trustee.

Sources & References

Outside sources cited in this article.

NRS Chapter 107 - Deeds of Trust (NRS 107.080), Nevada Legislature
NRS Chapter 21 - Enforcement of Judgments (NRS 21.210, redemption), Nevada Legislature

About the author: Manuel Martinez

RealtyTrac contributor

Manuel Martinez is a contributor to RealtyTrac who writes about local housing markets, home buying and real estate investing. He has written for RealtyTrac since 2013, covering city and state market reports, home buying guides and tips, investment financing and strategies for buying and flipping homes.