Pre-Forclosure: NOD process explained

[Kevin Geary]

Las Vegas real estate agent here. I have a former client who has financial trouble. Received NOD and is curious what her options are. I spoke to my LO and they said if there is enough equity to cover the cost of selling as well as the amount still unpaid to the mortgage servicer then we can list traditionally and all would be okay.

I'm posting here before speaking to a lawyer to ask more about what legal recourse does the owner have. I know Nevada law will differ from other states but, in general, what are the steps the bank/loan servicer need to take on their part to be compliant with the law. Verbal notice first? Certified letter making client aware of the default? Certain amount of time needed before actually foreclosing on the property? etc...

[Christopher Phillips]

Benjamin Barredo

Notice Of Default