Las Vegas Foreclosure

Terms Related to Foreclosure

Whether you're a Las Vegas homeowner in the process of foreclosure or you're a buyer looking to purchase a Las Vegas property in foreclosure, the following terms are a must in order to understand the parties involved and the options available.

Trustor

The Borrower.

Trustee

The neutral third party assigned at the conception of the loan to oversee legal proceedings. All reconciliatory communication taking place after the Notice of Default will come by way of the Trustee.

Beneficiary

The entity holding the paper; the bank.

Notice of Default

Also known as a Breach. The NOD is the legal filing with Clark County Nevada. It is the starting point of foreclosure proceedings.

Foreclosure

The legal process the bank goes through in order to retrieve monies owed by the Trustor. In Nevada the legal process take about 120 days if everything goes perfectly.

Reinstatement

To pay the Beneficiary the total amount of delinquent money is to reinstate the loan. The Trustor is now right with the bank.

Forbearance

To make an arrangement with the Beneficiary to pay back the delinquent money over a period of time is called a forbearance agreement.

Bankruptcy

A Chapter 13 bankruptcy is a restructuring of debts. A Chapter 7 is a complete discharge of debts.

Short Sale

The Beneficiary taking less than what is owned as debt paid in full. This is usually accomplished on second mortgages.

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