Most people hope to never experience a foreclosure. It is the exception for someone to willingly put their home through a foreclosure. Instead, most people go through a foreclosure because they are simply unable to pay their mortgage. –
Reasons for Foreclosures
Some of the reasons people are unable to pay their mortgages consist of: losing their jobs, not being able to work, excessive debt, problems with a co-owner or divorce, job transfer to another state.
In addition, when the housing market crashed in 2005, many people decided to walk away from their home because they owed more than what their home Was Worth.
Types of Foreclosures
In Nevada, there are essentially two different types of foreclosures available: judicial and non-judicial. –
Judicial foreclosure involves the filing of a lawsuit. The lawsuit allows the holder of the unpaid loan to obtain a court order to foreclose on a property. This type of foreclosure is usually done when there is either no power of sale clause available in a deed of trust or there exist other title issues. With a judicial foreclosure the home is auctioned, the proceeds go to pay off the mortgage and all other liens that may be of record against the property.
Non-judicial foreclosures occur when there is an express power of sale in the deed of trust or other mortgage paperwork. The property owner has typically granted a power of sale, which authorizes the sale of their property to pay their loan balance.
Let Us Help
In dealing with a foreclosure there is a lot of paperwork and legal jargon. There are also certain mandatory mediation programs which may enable you to renegotiate your loan and possibly save your home. At Simon Law we can give you the best advice about foreclosure and which route you should take. Call us today at 702–451-7077 to schedule a consultation.