With the recent downturn in the economy, home foreclosures are on the rise. Nevada has one of the highest foreclosure rates in the country.
Many home foreclosures occur because people are terrified and they allow their fear to result in inaction. Bankruptcy can stop home foreclosure and allow you the opportunity to save your home. Take action by contacting an experienced Nevada Bankruptcy Attorney at the Law Office of Rodney K. Okano. Based in Las Vegas, we represent clients throughout Southern Nevada.
The Home Foreclosure Process in Nevada
In the State of Nevada, a foreclosure is commenced by the lender filing and sending the borrower a Notice of Default. After filing such notice the Lender must wait for 3 months. After 3 months, the lender may file and give notice to the borrower of the sale date of the property. The proceeds from the sale are applied to the existing mortgages. The lender may then seek recovery against the borrower for any debt left unpaid.