The Nevada foreclosure process occurs when a home borrower fails to pay on the loan the bank gave them to buy the property. It is important to make your payments on time or you will initiate the process of a foreclosure.
The first thing that happens in the Nevada foreclosure process is a notice of default is set forth. The notice of default will be sent out if you miss a payment and if you are late on a payment. Some lenders do not send this notice out until a couple of months have been missed. However, some lenders initiate the process of a foreclosure after a missed payment of a couple of weeks. This means that a notice of default means your payment is late and has not been received. It doesn’t mean the bank is taking your home from you and you cannot get caught up.
Never assume that the bank is taking your home. You need to talk to the lender about why you are late on your payment or missed a payment and find out what they can do to help you. The Nevada foreclosure process actually takes about 9 months. That gives you plenty of time to get a new job or find a way to get a loan to get caught up on your payments. Some lenders won’t even make you get caught up with the payments but will let you begin making them as if you never even missed a payment. If you don’t talk to the lender you will never know.
Once the Nevada foreclosure process begins you can stop it by getting caught up. If you are too deep in the foreclosure by several months the missed payments will reflect on your credit even if you get caught up. This may make it difficult to refinance your loan later.