After a borrower defaults on a Nevada deed of trust loan, what is the first formal step the lender (beneficiary) must take to initiate the non-judicial foreclosure process under NRS Chapter 107?
Correct Answer
B) Record a Notice of Default and Election to Sell with the county recorder
Under NRS 107.080, the first formal step in Nevada's non-judicial foreclosure process is the recording of a Notice of Default and Election to Sell with the county recorder. This document formally initiates the foreclosure process and begins the statutory waiting periods. After the Notice of Default is recorded, the borrower has the right to reinstate the loan by paying all overdue amounts plus costs during a specified period.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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