James defaulted on his Nevada home loan secured by a deed of trust. The lender recorded a Notice of Default on March 1. James wants to know the minimum amount of time that must pass after the Notice of Default is recorded before the trustee can record a Notice of Trustee's Sale. According to NRS Chapter 107, what is that minimum waiting period?
Correct Answer
C) 90 days after the Notice of Default is recorded
Under NRS 107.080(2)(c), after a Notice of Default is recorded, the trustee must wait at least 90 days before recording a Notice of Trustee's Sale. This 90-day period gives the borrower time to cure the default (reinstate the loan) by paying all overdue amounts, late charges, and foreclosure costs. In James's case, the earliest the Notice of Trustee's Sale could be recorded would be approximately June 1 (90 days after March 1).
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