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Las Vegas, Nevada is renowned for its big lights and big casinos - “Sin City” at its finest. The ...
Nevada is situated in the western region of North America, it borders on surrounding states including Idaho, Oregon, California and Arizona. It is one of the largest states in America, covering a mass landscape of over 110,000 square miles, ranking 7th overall. The state features a contrasting array of sand dunes and snowy mountain ranges, along with wide scoped forests and valleys. The main sections of Nevada consist of the Columbia Plateau, which is comprised of long stretching river beds and numerous canyons, all of which border along the edge of Idaho. The Sierra Nevada is situated in the state's southern region, features many stretches of mountains along the valley and is characterized by one of the state's many landmarks, Lake Tahoe.
Nevada's key cities include Carson City (the state capital), Las Vegas (the most populated city), Henderson, Paradise, Reno and Sparks. The total population of Las Vegas sits at over 590,000, a figure that is more than double of the state's second-largest city. Las Vegas attracts a wealth of tourists, with its appeal shining most brightly in its gaming and entertainment sector, along with its lavishly designed metropolitan area and nightlife scene. Its service sector, combined with the tourism industry, garners a large sum of profits as a result, with its contribution to the state's economy boasting at nearly a third of its overall revenue across all industries.
Nevada also benefits from a productive mining sector, with the most important material being gold. The state of Nevada is highly renowned as America's largest producer of gold. Other important resources include silver, copper, carbonate and diatomite. The state's agriculture industry thrives on the production of cattle, potatoes, dairy and wool, along with other crops including wheat, garlic and onions.
The housing market in Las Vegas is currently showing positive figures, proving now is the time for interested buyers to look for cheap prices on Nevada home foreclosures. The current median listing price sits at around $115,000, which is a drop of 5.8 percent, as compared to last year. Nevada foreclosures accounted for an impressive sum of more than half of the overall number of households, sitting on 53 percent, which is an increase of over 13 percent in comparison to the same time last year.
In the state of Nevada, lenders may pursue a foreclosure through either a judicial or non-judicial process. The method used depends on the presence of a Power of Sale clause in the mortgage. A Power of Sale clause provides that a lender may pursue a foreclosure against a borrower (homeowner) found to be in default with first obtaining a court ruling. In other words, a Power of Sale clause allows a lender to proceed with a non-judicial foreclosure. In all other cases, judicial foreclosure must be used.
To begin the process of judicial foreclosure, the lender first files a suit (known as a Lis Pendens) against a defaulted homeowner with the county court. The court schedules a hearing to review the suit, at which point a judgment can be made against the homeowner, ordering them to pay their debt to the lender. If the outstanding debt remains unpaid within 15-35 days after the ruling, the court schedules a foreclosure sale of the property.
Before either a court-ordered or non-judicial foreclosure sale can occur, a Notice of Sale must be issued and posted in three public places at least three weeks before the sale. It must also be published weekly in a local newspaper during the same time period, as well as mailed to the homeowner. It is important to note that the homeowner can halt the foreclosure process by filing an "Intent to Cure" with the public trustee's office (usually the person assigned to handle the foreclosure sale) at least 15 days before the sale is to take place. If the trustee then receives payment of the default amount from the homeowner before the sale occurs, the sale must be cancelled.
On the day the sale is to take place, a public trustee conducts an auction and awards the property to the highest bidder. In the case of a non-judicial foreclosure, the winning bidder receives full control of the property upon payment and the original homeowner retains no rights to redemption. The lender may also pursue a deficiency judgment against the homeowner within three months in order to obtain any amount of debt not satisfied by the foreclosure sale.
A judicial foreclosure however, allows the homeowner one full year to redeem ownership of the property by paying off the full sale price plus any additional interest to the public trustee. The lender's rights to pursue a deficiency judgment in this case are subject to the court's decision on a case-by-case basis.
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