If you got a Notice of Default and Election to Sell, you still own your home and you can keep living in it. Nevada gives you at least three months before an auction can be scheduled, and the first 30 days are when you have the most options.
We’ve helped Las Vegas homeowners through this since 2006, including the worst of the last crash. The homeowners who come out of it best make their calls in the first week.
The Nevada timeline
Most Nevada foreclosures are non-judicial, which means no court hearing. The trustee follows a set schedule under NRS 107.080. From the notice of default to auction is about 110 days at minimum, and often longer.
- Day 0: Notice of Default recorded. It’s recorded with the Clark County Recorder, mailed to you by certified mail, and posted on the property. Most lenders file it after you’re about three months behind.
- Within 30 days: Request mediation. If the home is your primary residence, the packet includes a Foreclosure Mediation Program form. Return it within 30 days of being served to sit down with your lender and a state mediator. The foreclosure pauses while mediation runs.
- Day 35: Base reinstatement deadline. You can bring the loan current by paying what you’re behind plus fees. For owner-occupied homes, Nevada lets you reinstate up to five days before the sale date.
- 3 months or later: Notice of Sale. The trustee can’t schedule an auction until at least three months after the notice of default. The Notice of Sale is mailed, posted, and published at least 20 days before the auction.
- Auction. The home sells to the highest bidder. Nevada has no right to buy it back after a non-judicial sale.
You can stay in the home through all of these steps.
Your first three calls this week
- Your lender’s loss mitigation department. The number is on your statement or the notice. Ask for three things in writing: your reinstatement amount, the date it’s good through, and which workout programs you qualify for. Write down every person’s name and the date you spoke.
- A free HUD-approved housing counselor. They review your budget, help with lender paperwork, and charge nothing. Call HUD at 800-569-4287 to find one in Las Vegas.
- The Foreclosure Mediation Program. If the home is your primary residence and you’re inside the 30-day window, fill out and return the mediation form. The Nevada Department of Business and Industry lists the program and other homeowner help.
Gather your last two pay stubs, two months of bank statements, and last year’s tax return before these calls. Every one of them will ask.
Ways to keep your home
Lenders lose money on foreclosures. Most would rather work something out. See every option and who each one fits.
If keeping it doesn’t work
When the payment won’t work even after a modification, selling on your own terms beats a foreclosure every time. Which kind of sale depends on one number: what you’d walk away with at closing.
Here’s a typical Las Vegas example. A $620,000 loan from two years ago on a home worth about $600,000:
| Amount | |
|---|---|
| Sale price | $600,000 |
| Loan balance after two years of payments | about $605,000 |
| Missed payments, late fees, foreclosure costs | about $15,000 to $25,000 |
| Commissions, title, and escrow (about 7% to 8%) | about $42,000 to $48,000 |
| Net at closing | about $60,000 to $80,000 short |
The owner sees a $20,000 gap. Once selling costs and default fees are counted, it’s closer to $70,000. These figures are estimates; your lender and a title company give you the real ones. Run your own numbers.
- Positive number: sell with equity. A normal sale pays off the loan and the fees, and you keep the difference. Time matters here, because fees grow every month.
- Negative number: short sale. Your lender agrees to accept less than the payoff. It takes longer, it needs lender approval, and you should ask an attorney about what you could owe afterward. It still beats a foreclosure on your credit and your next home purchase.
Watch out for foreclosure scams
Once your notice is public record, the letters and calls start. Walk away from anyone who:
- Asks for money upfront to “save” your home or get you a modification
- Tells you to stop talking to your lender
- Asks you to sign your deed over to them
- Promises a guaranteed result
Your lender and HUD-approved counselors help for free.
How we can help
We don’t charge anything to talk through your situation, and we won’t push you to sell. If keeping the home works, we’ll point you to the people who can help with that. If it doesn’t, we’ll run your real numbers and show you whether a normal sale or a short sale makes sense.
Call or text Jeff at 702-510-9625 or Lee Ann at 702-205-9430.
This page is general information, not legal or tax advice. Talk with a Nevada real estate attorney about your situation and a CPA about tax questions. Jeff Mix, Nevada license S.0074457. Lee Ann Mix, Nevada license BS.0143453. The Mix Group at Realty ONE Group, Broker Mark Otero, 8395 W. Sunset Road, Suite 190, Las Vegas, NV 89113.