Las Vegas Foreclosure Process

The Foreclosure Process

The greatest opportunities in foreclosure lie in the smallest amounts of ignorance. Most real estate agents, investors and homeowners know very little of process of foreclosure in Clark County Nevada. That ignorance is what creates the opportunities that seasoned investors are looking for.

To understand the foreclosure process in Las Vegas, one must first have a working knowledge of Las Vegas Foreclosure Terms.  Most people look at foreclosure as a “moment in time”. It is better to look at foreclosure as a process leading up to that moment in time. Basically, the bank is going through the legal process established in Las Vegas Real Estate, to retrieve the money owed by the debtor. Here is a brief overview of how the process works:

Once the Trustor (borrower) is roughly 3 to 6 months behind in payments, the Beneficiary (lender) instructs the Trustee (neutral third party) to proceed with the necessary action to retrieve the money. The Trustee then files a Notice of Default (or Breach) with Clark County. From the date the Notice of Default is filed with the County, it takes roughly 120 days before the property ends up at the Trustee Sale (the auction) that is, if everything goes perfectly. If the homeowner knows what they are doing, the process can be extended for another 12 to 24 months.

No matter how far along the process has progressed, a homeowner still has options. It is important for both seller and buyer to have a working knowledge of the process in order to know what those options are.

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