Can the Bank Just Kick Me Out of My Home During a Foreclosure?
Falling behind on mortgage payments tends to make homeowners fear the worst and wonder “Will I get kicked out of my home?!” While all foreclosure situations are different, the simplest answer is no. The foreclosure and pre-foreclosure process in Nevada offers homeowners many opportunities to avoid defaulting on their mortgage and losing their home.
After Missed Mortgage Payments/Pre-Foreclosure
Before a foreclosure is even issued, the homeowner has 120 days after a missed payment to discuss loss mitigation and foreclosure mediation options with a knowledgeable attorney. At this point, despite having missed several mortgage payments, an experienced attorney can still help the homeowner avoid facing the foreclosure altogether.
During the Foreclosure Process
While warning of an impending foreclosure should never be ignored, the homeowner still has options, and the right to stay, well past when the foreclosure actually begins. When the bank officially issues a foreclosure with a Notice of Default and Election to sell, the homeowner initially has a minimum of three months in which they can reach out to an attorney to discuss avoiding the sale of their home. Despite this 120-day mediation grace period, its important to understand that a homeowner cannot be forced out of their home at any point in a foreclosure prior to an official sale of their home. Keep in mind, a foreclosure can typically take between two and four years to complete. Under Nevada State Law, the homeowner has up until 5 days prior to the sale of their home to resolve their remaining debt, and avoid a final foreclosure. This offers those in foreclosure in Nevada a large window of time to resolve their debt and keep their home without ever having to leave.
If you’ve fallen behind on your mortgage payments, or have already received warnings or issued notice of foreclosure, its important to speak with an experienced Nevada Foreclosure attorney to discuss your options. Contact our office today at (702) 998-1188 to set up an appointment.
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