Marcus purchased a home in Las Vegas using a deed of trust. He has fallen behind on payments, and the lender has initiated a non-judicial foreclosure under NRS Chapter 107. Which of the following statements about Marcus's rights and the foreclosure process is NOT accurate under Nevada law?
Correct Answer
A) Marcus retains a statutory right to redeem the property for up to six months after the trustee's sale is completed by paying the full sale price
Option B is NOT accurate under Nevada law. Nevada does not provide borrowers with a post-sale statutory redemption right after a non-judicial trustee's sale under NRS Chapter 107. Once the trustee's sale is completed and the trustee's deed is delivered to the purchaser, the sale is final and the former homeowner has no right to redeem the property by paying the sale price or the debt. This is one of Nevada's most heavily tested and frequently misunderstood rules — candidates familiar with judicial foreclosure states often incorrectly assume a redemption period exists after the sale.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
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