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Old 02-10-2014, 03:18 PM
 
Location: Las Vegas, NV
229 posts, read 462,927 times
Reputation: 44

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I'm finding some conflicting information regarding when you're in default on a mortgage in the state of Nevada. For some reason I had it in my head that a borrower is in default after missing 3 payments, i.e. 90 days. However, on a few sites, I've read that you're in default if you even miss a single payment, see link below. Can anyone clarify for me?

The Foreclosure Process - Legal Aid Center of Southern Nevada
"Even if you miss one payment you are in default."

Also, I'd like to know is about the non-judicial foreclosure timeline in Nevada. I found this:

Nevada Foreclosure Law - (702) 546-6432 http://MichaelsRealEstate.com
Sent her an email and asked her if that timeline is still accurate as I know there were some new laws passed in October 2013 (homeowner's bill of rights) She replied and said "The Homeowners Bill if Rights added some complexity and caveats before the foreclosure can occur." and suggested I contacted an attorney. From what I understand, the only thing that changed the timeline with the new law was that the lender must contact you 30 days before they file the notice of default to discuss alternatives to foreclosure. Am I correct? Is it still a minimum of 111 days from the NOD?

Many thanks in advance for clarification on these questions!!
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Old 02-10-2014, 10:10 PM
 
475 posts, read 540,435 times
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You are technically in default once you miss your mortgage payment due date (including grace period). They report you as late to the the credit bureaus after being 30 days past due. Typically (but not always) after 3 missed payments that's when they start the foreclosure process. The foreclosure timeline varies depending on the lender (how aggressive they are and how willing they are to worker with the borrower), any liens on the property, opting to do mediation, and any pending bankruptcy etc....
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Old 02-11-2014, 11:14 AM
 
Location: Las Vegas, NV
229 posts, read 462,927 times
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After posting, I also read on another site which I can't seem to find again, that there are federal laws that say a lender cannot start any foreclosure action until 90 days of missed payments. I tried to find such a federal statute but didn't have much luck. Have you heard this?
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Old 02-11-2014, 04:08 PM
 
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Default Nevada Foreclosure Mediation Program

You mentioned you reside in Nevada. Nevada residents gained significant rights under the <a href=http://foreclosure.nevadajudiciary.us/">Nevada Foreclosure Mediation Program</a>. What some lawyers who have worked in this program have discovered is that mortgage lenders are very poor record keepers, and as a result, cannot produce the documents necessary to show they have a right to foreclose. Talk to a lawyer in your area who has experience in the FMP, and you may be able to delay or stop foreclosure on your property.
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Old 02-11-2014, 05:55 PM
 
12,973 posts, read 12,785,544 times
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Quote:
Originally Posted by Vegas-to-? View Post
After posting, I also read on another site which I can't seem to find again, that there are federal laws that say a lender cannot start any foreclosure action until 90 days of missed payments. I tried to find such a federal statute but didn't have much luck. Have you heard this?
I just finished a three hour continuing education class on the subject. This is a case where you really do need a lawyer. The problem is that all of the questions you asked are best answered by "it depends". And it is sufficiently screwed up that it is unlikely than two lawyers will agree on each aspect.

The bad (or good) news is that the process can now take a long time. Into years in some cases.

And I still don't know whether to feel good or bad about that. That some of these lenders screwed it up badly enough that they can't foreclose does not seem to me to be a good reason to reward an owner. On the other side of the coin it is nice to see the underdog end up on top.

And no I don't believe we all pay for these screw ups. There is clear insurance involved with policies written by very knowledgeable people that pretty much protect the end investor.
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Old 02-12-2014, 11:37 AM
 
Location: Las Vegas, NV
229 posts, read 462,927 times
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Well it's a bit of a predicament in that we want to leave Vegas (hence my screen name on this forum) Don't ask why, but we've decided that short sale isn't an option. We're going to try for a DIL, but I don't have any expectations there. Foreclosure would be great, IF the banks would actually act and follow through with a timely foreclosure action. I attended one of those seminars and asked a prominent attorney, and he confirmed that yes, there are time limits AFTER the NOD is filed, however, there is no law that says they must file the NOD x time after a borrower defaults. To me, or anyone that actually wants the foreclosure to be done with, this is really dumb, and it can just drag on and on..
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Old 02-12-2014, 11:54 AM
 
Location: Henderson, NV
5,314 posts, read 6,312,590 times
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Quote:
Originally Posted by Vegas-to-? View Post
Well it's a bit of a predicament in that we want to leave Vegas (hence my screen name on this forum) Don't ask why, but we've decided that short sale isn't an option. We're going to try for a DIL, but I don't have any expectations there. Foreclosure would be great, IF the banks would actually act and follow through with a timely foreclosure action. I attended one of those seminars and asked a prominent attorney, and he confirmed that yes, there are time limits AFTER the NOD is filed, however, there is no law that says they must file the NOD x time after a borrower defaults. To me, or anyone that actually wants the foreclosure to be done with, this is really dumb, and it can just drag on and on..
Did I read that correctly? You'd rather foreclose than short sale?
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Old 02-12-2014, 10:14 PM
 
475 posts, read 540,435 times
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the market is good right now; maybe you can sell at breakeven.
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Old 02-13-2014, 05:01 PM
 
Location: Las Vegas, NV
229 posts, read 462,927 times
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I don't think we're there yet, at least not in this neighborhood. Yes, rather foreclose than short sale; there are reasons that I do not wish to share.
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Old 02-13-2014, 06:16 PM
 
12,973 posts, read 12,785,544 times
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Quote:
Originally Posted by Vegas-to-? View Post
I don't think we're there yet, at least not in this neighborhood. Yes, rather foreclose than short sale; there are reasons that I do not wish to share.
But there is really no way to force a servicer to foreclose. You can do the right things to make it more likely...but you cannot force it and they may not.

Move out and rent it. Tell the tenant and give them a good deal. Keeps the place up and you make some money. Pay any HOA so they don't foreclose.
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