A Nevada homeowner defaults on a deed of trust loan with an outstanding principal balance of $320,000. The lender records a Notice of Default on March 1. Under Nevada's non-judicial foreclosure statutes, what is the earliest calendar date on which the trustee may record a Notice of Trustee's Sale, and how many days after the Notice of Default is recorded must elapse before the trustee's sale itself can be held? (Assume no delays or extensions apply.)
Correct Answer
A) Notice of Trustee's Sale may be recorded after 90 days; the sale may be held 20 days after that notice is recorded
Under NRS 107.080, after a Notice of Default is recorded, the trustee must wait at least 90 days before recording a Notice of Trustee's Sale. After the Notice of Trustee's Sale is recorded, an additional minimum of 20 days must pass before the actual trustee's sale can be conducted. Therefore, starting from March 1, the earliest the Notice of Trustee's Sale could be recorded is May 30 (90 days later), and the earliest the sale could be held is June 19 (20 days after that). This two-step timeline — 90 days then 20 days — is a core Nevada-specific requirement under the non-judicial foreclosure process.
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Related Topics & Key Terms
Key Terms:
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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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