The timeline for the Las Vegas homeowner who is in default on a mortgage can start anytime after a loan payment is 30 days late.
- DAY 1 Preparation and recordation of Notice of Default and Election to Sell. Election/Waiver of Mediation form sent to Homeowner along with copy of the Notice of Default.
- WITHIN THE NEXT 10 DAYS Notice of Default must be mailed to the Trustee/Owner and all junior Lien Holders by Certified Mail, including any guarantors.
- 1ST DAY AFTER MAILING Commences the 35 day reinstatement period
- DAY 30 Election/Waiver of Mediation expires.
- AFTER 3 MONTHS Trustee’s Sale can be established.
- PUBLICATION Notice of Trustee’s Sale must be published in the legal newspaper where the property is situation AND where the sale is to be held, once a week for three consecutive weeks.
- 25 DAYS PRIOR TO THE SALE DATE Notification to I.R.S. (if applicable)
- AT LEAST 20 DAYS PRIOR TO THE SALE Notice of Sale must be sent by registered mail to all parties entitled there to. Notice must also be posted within the County where the sale is to be held and where the property is situated.
- 1 WEEK PRIOR TO SALE Establishment of the minimum bid for sale. This amount includes all principal, interest advances and costs.
- SALE DATE Barring any actions to enjoin the sale, the public auction is held and property is sold approximately 120 days from the recording of the Notice of Default. Anyone interested in bidding at the sale must attend with Cash or Certified Funds to be qualified to bid.
- AFTER THE SALE Trustee’s Deed is be prepared and recorded.