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    wr450's Avatar
    wr450 Posts: 4, Reputation: 1
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    #1

    Sep 8, 2008, 01:43 PM
    Specifically how does deed in lieu of foreclosure work?
    Can anyone summarize the steps of deed in lieu of foreclosure in Nevada?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Sep 8, 2008, 02:37 PM
    1. Be behind in payments
    a. be behind the amount of time required by your lender, some require you to be behind 3 to 6 months to be considered

    2. They may ( by lender) have to have property for sale with a broker for a certain length of time.

    But basically you contact the lender and ask them if they will take the deed back instead of foreclosure. If they agree, you sign over the deed and they don't hold you liable for additional money due.

    It will just depend on the lender, I tried to get several done last year, but none were approved, I have read where some are allowed
    MsMewiththat's Avatar
    MsMewiththat Posts: 854, Reputation: 136
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    #3

    Sep 8, 2008, 02:55 PM
    Once the Trustor (borrower) is roughly 3 to 6 months behind in payments, the Beneficiary (lender) instructs the Trustee (neutral third party) to proceed with the necessary action to retrieve the money. The Trustee then files a Notice of Default (or Breach) with Clark County. From the date the Notice of Default is filed with the County, it takes roughly 120 days before the property ends up at the Trustee's Sale (the auction) that is, if everything goes perfectly. If the homeowner knows what they are doing, the process can be extended for another 12 to 24 months.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #4

    Sep 8, 2008, 02:59 PM
    Quote Originally Posted by MsMewiththat
    Once the Trustor (borrower) is roughly 3 to 6 months behind in payments, the Beneficiary (lender) instructs the Trustee (neutral third party) to proceed with the necessary action to retrieve the money. The Trustee then files a Notice of Default (or Breach) with Clark County. From the date the Notice of Default is filed with the County, it takes roughly 120 days before the property ends up at the Trustee’s Sale (the auction) that is, if everything goes perfectly. If the homeowner knows what they are doing, the process can be extended for another 12 to 24 months.
    I think that what you have described here is the Nevada process of foreclosure. The OP is asking about the process for a deed in lieu of foreclosure. In my experience the answer given by Chuck is the general process for a deed in lieu of foreclosure.
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