Foreclosure Timeline, Consequences, and other Options in Nevada

Although a foreclosure may be done outside of court, the lender must still adhere to very specific procedures and timeframes that are defined by law. Once all the timeframes and requirements above have been met, the lender may carry out their foreclosure sale (Trustee’s Sale). Following the foreclosure, the lender may still be able to sue the borrower for any deficiency in the amount received from the trustee’s sale.

In addition to losing the home and possible being sued by the lender, a borrower may also suffer addition consequences if they allow their home to be foreclosed upon. The following are a few examples of how a borrower may be affected in the long term: Credit, Future ability to purchase, Security Clearance, Current and Future Employment, and Tax ramifications.

Because foreclosures can be very costly for lenders, in almost all circumstances they are likely willing to offer their borrowers alternatives options to foreclosure.

For more information on Foreclosure, its consequences, and Options to avoid foreclosure, please read the complete article: Foreclosure Timeline, Consequences, and other Options

Should you have any questions or need further information,
please don't hesitate to contact me, (775) 220-1630
Or visit my website: www.SellingHomesinReno.com

Joshua Talayka
NAR designated: Short Sale & Foreclosure Resource
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Legal disclaimer: I am not an attorney, tax professional, or credit counselor. The information contained in this article/blog is intended to provide general information on the subject and not to provide any legal, tax, or credit advice. You should not act upon this or any information without first seeking independent tax and/or legal counsel.