Most mortgages in Nevada contain a power of sale clause that allows the lender to foreclose on a property without suing the buyer in court. The lender must follow the notice and sale requirements described in the mortgage unless the mortgage is silent as to those facts in which case the seller must follow the notice and sale requirements set forth in state law.
If the mortgage does not contain a power of sale clause then the lender may sue the buyer in state court. This process is called a judicial foreclosure and requires the buyer to obtain a court decree of foreclosure and order of sale. It is allowed by state law but is rarely used since most mortgages contain a power of sale clause.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.