Is a foreclosure in nevada judicial or nonjudicial? what are my options to stop it?
my family and I are facing foreclosure and I need to know what my options are to stop it. I really don't want to do a short sale and loose our home, but I don't know what our options are. the bank hasn't been very proactive with trying to get us evicted since I guess they're having paperwork issues... please help.
First, I'm sorry to hear that you're in this situation. Sadly, you are in good company. Because it's not my place to offer legal advice, I will share with you my own experiences, and hope they help to point you in the right direction.
To answer the first part of your question: Judicial or nonjudicial? It's both. As I am no expert, I'm placing a link that will, hopefully, explain it in better detail than I. http://www.foreclosurelaw.org/Nevada_Fo … re_Law.htm
As for ways to stop foreclosure, it seems banks are becoming increasingly willing to work with homeowners. Communicate with them, honestly, about your situation. Have them explain what your options are. Some may include a reduced interest rate, a payment plan, etc. The options depend greatly on the banks' discretion. I have not yet spoken to a person who has successfully transacted a short sale--usually due to the bank's denial of the offer. Not to say that it can't happen. If all else fails, you may want to talk to a lawyer about bankruptcy. It's my understanding that you are able to keep your house, cars, and such, through bankruptcy. And, it puts an immediate halt on the foreclosure process.
Again, I'm not qualified to offer legal advice. However, I hope my experience is helpful in your decision-making process.
Hang in there!
hello - i am likewise sorry to hear that you are in this situation. In Nevada the foreclosure process is primarily nonjuidical - meaning the foreclosure process takes place outside of court.
There are a few options you have in order to stop foreclosure:
1. short sale - i know you aren't too hot about this idea but it may be a good one considering it can help avoid foreclosure and potentially leave you with a profit. **Beware of deficiency judgments thought**
2. deed in lieu - i found this hub had some good info about deed in lieu vs foreclosure - http://hubpages.com/hub/Deed-in-Lieu-of … Advantages
3. filing bankruptcy - great hub about filing bankruptcy to stop foreclosure - http://hubpages.com/hub/HowtoStopForecl … Bankruptcy
****4. (AND THE ONE I RECOMMEND) CHALLENGE IT! Too many cases of foreclosure fraud are happening nowadays... you need to check and make sure that the bank has possession of your original mortgage note and right to foreclose. If they don't they cannot legally do so.
I hope that helps.
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