Can a Foreclosure Auction Be Stopped?
From the day a homeowner is notified that they have defaulted on their mortgage, the clock starts ticking on an impending auction date. The foreclosure process itself is a procedure that works backwards from the date of the auction, giving the homeowner the appropriate notice and warnings of the upcoming sale of their home. While this process generally goes on for months or even years, the only point to which you can no longer stop the foreclosure comes just 5 days prior to the auction date.
According to the Nevada Foreclosure process, the lender is required to issue a Notice of Sale a minimum of 20 days prior to the sale of the home. This notice will include the date and time that the foreclosure auction is set to take place. This notice will also indicate the homeowner’s last and final chance to reinstate their loan and stop the scheduled auction, no later than 5 days prior to the scheduled auction date.
If a homeowner wants to stop the auction and sale of their home, the last option they have in doing so is to provide all outstanding payments and associated fees and penalties. This right expires 5 days prior to the scheduled foreclosure auction.
While this may be the last resort for homeowners in saving their home, throughout the long foreclosure process there are many other opportunities for homeowners to find an alternative to foreclosure. Read more in our blogs “How Can You Stop Foreclosure?” or “What Are Alternatives to Foreclosure?” However, some simply use this time to pull together the money needed to cancel the foreclosure altogether. For those, it’s reassuring to know that option is available up until the finals days of foreclosure.
For those facing foreclosure, it’s important to know that a Notice of Default or even Notice of Sale does not mean the sale of your home is inevitable. Speak to an experienced Foreclosure Defense Attorney as early in the process as possible, even if that’s the final days, to help determine your options and rights to reestablishing ownership of your home. To reach our office to schedule a consultation, contact us at (702) 998-1188, info@ljlawlv.com, or by scheduling a consultation online.
For additional resources on Foreclosure Defense, be sure to check out our Foreclosure Defense Blog and Foreclosure Defense TV playlist on Youtube.