Southwest Title Company has a Foreclosure Department, which principally services the needs of existing Loan Servicing clients, but is also available to the public at large. We specialize in non-judicial foreclosure proceedings, otherwise known as Deed of Trust foreclosures. The rates are competitive and a foreclosure can usually be initiated with a small deposit in the range of $300 to $500, plus the cost of the Trustee Search Guarantee (TSG).
From start to finish a non-judicial foreclosure takes approximately 125 days. The sequential procedure is as follows.
Notice of Default (NOD) is filed. This document is recorded and all parties are notified. From the date of filing the trustor has 35 days to cure the foreclosure. He or she does this by bringing the note current and paying all related costs, i.e. late charges and foreclosure fees.
35 Day Redemption Date. 35 days after the NOD is filed the beneficiary may opt to call the entire note.
90 Day Publication. 90 days after the NOD filing, publication of the property going to auction begins. The impending foreclosure sale is advertised for three consecutive weeks in a major newspaper. Notification of the sale is also posted in three public places, i.e. the Clark County Business Center, US Post Office & on the Bulletin Board of the Clark County Courthouse. All parties are also notified and a notification is posted on the property as well.
Sale of Property. This sale, or auction of property, is held approximately 120 days after the NOD filing and immediately afterward a Trustee's Deed Upon Sale is recorded, deeding the property to either the successful bidder or to the previous beneficiary.
The Statute: The mechanics of foreclosure are laid out, for the most part, with a good deal of clarity, in NRS 107.080 (as amended by the 1989 Legislature in Section 12 of Chapter 750, 1989 Nevada Statutes at pages 1770-1772). A copy can be obtained by contacting Southwest Title Company.
For additional information and/or full quotes, please contact Tammy Champlin.
