How long does foreclosure take to complete. What are the steps?
An average foreclosure will take about two years from start to finish, however depending on the individual state laws, some cases may last longer than four years. The guide below will help break down the steps of a foreclosure and how long each portion can typically last.
10-15 days after a missed mortgage payment
Once a payment is roughly 15 days past due, the mortgage lender will generally issue a late fee charge to be paid in addition to the scheduled payment. If the bills remain unpaid, reminders will likely be sent via mail, email, or phone call to attempt to collect the missed payments.
120 days after a missed mortgage payment
Under federal law, the mortgage lender must grant the homeowner 120 days after a payment is missed to allow the homeowner time to discuss loss mitigation options with an attorney. Beyond 120 days, the mortgage lender is within its rights to begin the foreclosure process.
At this time, the lender must file a Preforeclosure Notice and provide a copy to the homeowner. This notice must include, the balance of past due payments, the total amount due to cure the default, the risk of impending foreclosure, and the homeowners options to prevent a foreclosure..
Notice of Default and Election to Sell
A foreclosure has officially begun when a Notice of Default and Election to Sell is recorded with the county recorder. The notice must be posted on the property providing the homeowner three months to resolve the remaining debt on the property.
Nevada state law requires that the homeowner facing foreclosure be given the opportunity to participate in Foreclosure mediation at this time.
90 days after a Notice of Default and Election to Sell
If the remaining mortgage balance is not received within the three months following the Notice of Default and Election to Sell, the third-party trustee will move along with the foreclosure process and prepare the sale of the property.
60 days prior to sale of home
The homeowners are presented with a notice that they are in danger of losing their home to foreclosure. The original promissory note signed at the time of the home purchase is attached for clarity.
20 days prior to sale of home
Notice of Sale/Notice of Tenants
The homeowner and all tenants of the foreclosed property are notified of the projected date of sale by certified mail or personal service.
The notice of sale must be posted in a public place for 20 consecutive days prior to the date of sale.
The notice of sale must be published in a generally circulated newspaper once per week for three weeks prior to the date of sale.
15 days prior to sale of home
The notice of sale must be posted on the property.
5 days prior to sale of home
Reinstatement Before Sale
Under Nevada State Law, the homeowner has until five days prior to the sale to pay all fees and remaining payments in order to reinstate their ownership.
The property is sold and if necessary, so begins the eviction process.
For more information, and to hear our experienced foreclosure attorney’s discuss the foreclosure process, check out our “What is Foreclosure?” video or podcast.
Worried you may be facing a foreclosure? Our experienced attorneys can help guide you at any stage of the foreclosure process. For questions, or to set up a meeting, contact our office at (702) 998-1188 or firstname.lastname@example.org.