Your Reno and Sparks Real Estate Source

Acronyms:

Pre-Foreclosure- The period beginning with initial mortgage default up to when the distressed property is sold.

Notice of Default and Election to Sell - A formal notice to a borrower declaring that a default has occurred and that legal action may be taken. A notice to a borrower with property as security under a mortgage or deed of trust that he/she is delinquent in payments. Foreclosure could also be started due to delinquent taxes, non-payment of insurance, or advances made. If the delinquency (money owed and late), plus costs of preparing the legal papers for the default, are not paid within a certain time, foreclosure proceedings may be commenced. All entities with a secured lien junior to the deed of trust in which we are foreclosing are required by Nevada Statute to receive a copy of the Notice of Default. Other people with funds secured by the same property are usually entitled to receive copies of the notice of default.

Notice of Trustee Sale - A written document that sets forth the day, date and time of the Trustee’s sale, describes the property to be sold and gives an estimate of the unpaid debt as of the first publication date. The Notice must publish once a week for three consecutive weeks in a newspaper of general circulation in the county where the property is situated. Furthermore, the Notice must posted in 3 public places for 20 consecutive days, in the township or city where the property is situated and where the property is to be sold. In addition, due to the changes in legislation, effective Oct. 1, 2005, the Notice of Sale must also be recorded with the county recorder. At this point a datedown (update) of the TSG should be ordered from title to check for any new liens or judgments as well as bankruptcy. The Notice of Trustee’s Sale must now be mailed both Regular and Certified or Registered to all the same persons as the Notice of Default at the beginning and any new junior lien holders that may appear of record.

Short Sale - A sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower.

Trustee’s Deed Upon Sale: a written document which is prepared and signed by the trustee when the secured property is sold at a trustee’s sale. This document transfers ownership to the successful bidder at the sale and/or bank; must be recorded with the county recorder in the county in which the property is located. Effective July 1, 2009, Trustee’s Deed Upon Sale must be recorded with 30 days. NRS 107.080 Section 8 (a)(b)

Important Notice: Renown Real Estate Services is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.Renown Real Estate Services and licensee Richard Beach are not engaged in the practice of law, legal advice, or tax advice. Renown Real Estate Services and licensee Richard Beach do not attest to the accuracy of this information and assume no responsibility for the actions of the recipients. The pre-ceeding is for informational purposes only and the recipient is urged to seek professional legal and tax counsel.