Foreclosure Process in Nevada
I’ve been practicing Real Estate Law and Property Settlements for years, with dozens of successful cases to my name. My Las Vegas clients can count on my Foreclosure and Property Settlements expertise to manage the legal framework supporting their endeavors. When I am involved in a case, I help my client successfully resolve it as quickly and efficiently as possible.
All loans in real estate property are considered secured loans. Whenever there is collateral attached to a loan, it is called secured loan. Unsecured loans are mostly credit cards loans and which have no collateral attached with them. Here, in Nevada, and in the real estate context, all loans are secured because they are attached with property. When a loan secured by your lender goes into default, the secured creditor has a right to initiate foreclosure proceedings to take over this collateral. The lender has two choices, one is judicial foreclosure, and the other is non judicial or statutory foreclosure. Also, these days lenders are using other tactics like workout package, surrender deed in lieu of foreclosure, short sale, and of course the much touted loan modifications. A foreclosure happens much after all these remedies or solutions are exhausted. Lenders does not like to lose money and like the homeowners likes to pursue all of the options at all the times. A workout package may or may not work because the lender is exploring all the choices where the homeowners can be made current.
In a workout package, the lender sees your financial situation, the nature and value of your collateral and whether there are advantages which can be accomplished through the workout package. In almost all cases, sooner you talk to your lenders; they would suggest a workout package. The lender may send a workout package. Also, it may follow a forbearance period. There is no uniform method of conducting such negotiation, each lender has their different guidelines and of course very skilled negotiator for this purpose.
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