What is a foreclosure process?
This is a legal process where your home is taken away by your lender, usually due to missed mortgage payments. Because foreclosure is a legal process, there are certain foreclosure rules, the bank or mortgage company must follow before they can legally take back your home or property. They cannot force you to leave your home or property without going to court first. Do not let any real estate investor or scam artist tell you differently.
How many different kinds of foreclosure in Nevada?
Basically two kinds:
-and Statutory foreclosure with a power of sale and no right of redemption. You can contest the judicial foreclosure and produce all kinds of defense and there is a redemption period to cure the mortgage. However, there is no redemption for a statutory foreclosure.
WHAT SHOULD I DO IF I HAVE RECEIVED LEGAL PAPERS?
In Nevada, the foreclosure process moves very quickly. Once the default notice is served, within 3 months your home is going for auction in a public sale. Nevada is a non judicial and a statutory foreclosure sale.
A successful defense attorney can buy you precious time to:
* Stay in your home rent Free
* Potentially continue to collect rent on your property
* Negotiate a work-out with the bank
* Sell your home at a fair price
* Refinance your home at fair rate
* Apply for a court ordered repayment plan
* File Chapter 13 or 7 Bankruptcy
“I came to the office of Malik Ahmad, Attorney At Law because no other attorney would take my case. Malik Ahmad, Attorney At Law took on my case head on, and just a few months later I won, and life has never been better.”