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Foreclosure Numbers Lowest Since Last Four Years - Apr 30, 2012
Foreclosures Have Vanished from Nevada Thanks to a New Law - Mar 15, 2012
The States with the Highest Amount of Foreclosures are Holding out on the Mortgage Settlement - Feb 10, 2012
Legislature in Oregon Focuses on Foreclosures and Mulling Over New Rules for Lenders - Feb 10, 2012
Republicans Avoiding Offering any Plausible Solution to the Foreclosure Crisis in Nevada - Feb 09, 2012
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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 and is bordered by the states of Idaho, Oregon, California and Arizona. INevada is, by far, one of the largest states in America, covering a mass landscape of over 110,000 square miles-it is the seventh biggest state in all the United States. Nevada also features a contrasting array of sand dunes and snowy mountain ranges, along with fantastic vistas of forest and valleys. The main sections of Nevada consist of the Columbia Plateau, which is comprised of river beds and numerous canyons, all of which are located on the edge of Idaho. The Sierra Nevada is situated in the state's southern region, which is a mountain range featuring many high moutais and the famous 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 that of the state's second-largest city. Las Vegas attracts many tourists into its streets, 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 mineral mined being gold. In fact, 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, which shows that this is the best time for homebuyers to look into 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 account for fifty three percent ofall households in the state, 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 if there is a power of sale clause in the mortgage deed. A power of sale clause provides that a lender may pursue a foreclosure against a borrower (homeowner) found to be in default after 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, a judicial foreclosure must be used.
To begin the process of judicial foreclosure, a lender must first file a lawsuit (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 off 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. A notice must also be mailed to the homeowner, notifying them of the pending foreclosure sale. However, a homeowner is able to halt a foreclosure process through filing an "intent to Ccure" 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, gives the homeowner one full year during which they can work towards redeeming ownership of their property. They can do this through 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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