Nevada Servicing Reference Guide
- Kacey Olson
| Citation | Topic | Requirement |
| Nev. Rev. Stat. §107.080 | Affidavit of Authority to Exercise Sale | (c) The beneficiary, the successor in interest of the beneficiary or the trustee first executes and causes to be recorded in the office of the recorder of the county wherein the trust property, or some part thereof, is situated a notice of the breach and of the election to sell or cause to be sold the property to satisfy the obligation which, except as otherwise provided in this paragraph, includes a notarized affidavit of authority to exercise the power of sale. Except as otherwise provided in subparagraph (5), the affidavit required by this paragraph must state under the penalty of perjury the following information, which must be based on the direct, personal knowledge of the affiant or the personal knowledge which the affiant acquired by a review of the business records of the beneficiary, the successor in interest of the beneficiary or the servicer of the obligation or debt secured by the deed of trust, which business records must meet the standards set forth in NRS 51.135. |
| Deeds of Trust / Nev. Rev. Stat. §107.200 | Borrower Account Statements | Statements must be mailed within 21 days after receiving a request from a person authorized to make a request. |
| Nev. Rev. Stat. §40.455(1) | Deficiency Judgment | 1.  Except as otherwise provided in subsection 3, upon application of the judgment creditor or the beneficiary of the deed of trust within 6 months after the date of the foreclosure sale and after the required hearing, the court shall award a deficiency judgment to the judgment creditor or the beneficiary of the deed of trust if it appears from the sheriff’s return or the recital of consideration in the trustee’s deed that there is a deficiency of the proceeds of the sale and a balance remaining due to the judgment creditor or the beneficiary of the deed of trust, respectively. |
| Nev. Rev. Stat. §40.437 | Foreclosure Complaint | 1.  An action pursuant to NRS 40.430 affecting owner-occupied housing that is commenced in a court of competent jurisdiction on or before December 1, 2016, is subject to the provisions of this section.      2.  In an action described in subsection 1:      (a) The copy of the complaint served on the mortgagor must include a separate document containing:             (1) Contact information which the mortgagor may use to reach a person with authority to negotiate a loan modification on behalf of the plaintiff;             (2) Contact information for at least one local housing counseling agency approved by the United States Department of Housing and Urban Development;             (3) A notice provided by the Mediation Administrator indicating that the mortgagor will be enrolled to participate in mediation pursuant to this section if he or she pays to the Mediation Administrator his or her share of the fee established pursuant to subsection 11 of NRS 107.086; and             (4) A form upon which the mortgagor may indicate an election to enter into mediation or to waive mediation pursuant to this section and one envelope addressed to the plaintiff and one envelope addressed to the Mediation Administrator, which the mortgagor may use to comply with the provisions of subsection 3; and      (b) The plaintiff must submit a copy of the complaint to the Mediation Administrator. |
Deeds of Trust / Nev. Rev. Stat. §107.500 | Foreclosure Prevention Alternatives | At least 30 days before recording a notice of default and election to sell under a trustee’s power to sell or commencing a civil action for a foreclosure sale and at least 30 days after the borrower's default, the mortgage servicer, mortgagee or beneficiary of the deed of trust shall mail, by first- class mail, a notice addressed to the borrower at the borrower's primary address. 5. If a borrower submits a complete application for a foreclosure prevention alternative and the borrower’s application is denied, the mortgage servicer, mortgagee, trustee, beneficiary of the deed of trust, or an authorized agent of such a person may not commence a civil action for a foreclosure sale pursuant to NRS 40.430 involving a failure to make a payment required by a residential mortgage loan, record a notice of default and election to sell pursuant to subsection 2 of NRS 107.080 or a notice of sale pursuant to subsection 4 of NRS 107.080, or conduct a foreclosure sale until the later of: (a) Thirty-one calendar days after the borrower is sent the written statement required by subsection 4; and (b) If the borrower appeals the denial, the later of: (1) Fifteen calendar days after the denial of the appeal; (2) If the appeal is successful, 14 calendar days after a first lien loan modification or another foreclosure prevention alternative offered after appeal is rejected by the borrower; and (3) If the appeal is successful and a first lien loan modification or another foreclosure prevention alternative is offered and accepted, the date on which the borrower fails to timely submit the first payment or otherwise breaches the terms of the offer. 6. If the borrower appeals the denial of a complete application for a foreclosure prevention alternative, not later than 30 calendar days after the borrower requests the appeal, the mortgage servicer must submit to the borrower a written offer for a foreclosure prevention alternative or a written denial of the appeal. The borrower must accept or reject the offer within 14 calendar days after the borrower receives the offer. If a borrower does not accept a written offer for a foreclosure prevention alternative within 14 calendar days after the borrower receives the written offer for the foreclosure prevention alternative, the offer is deemed to be rejected. |
Notice of Breach and Election to Sell | A copy of the notice of breach and election to sell must also be posted in a conspicuous place on the property not later than 3 business days after the notice of breach and election to sell is recorded. The notice must not be defaced or removed until the transfer of title is recorded or the property becomes occupied after completion of the sale, whichever is earlier. It is unlawful for a person to willfully remove or deface a notice posted pursuant to subsection 4 of NRS 107.080, if done before the sale or, if the default is satisfied before the sale, before the satisfaction of the default. In addition to any other penalty, any person who violates this section is liable in the amount of $500 to any person aggrieved by the removal or defacing of the notice. 3. The trustee or person authorized to record the notice of default shall, within 10 days after the notice of default is recorded and mailed pursuant to NRS 107.080, cause to be deposited in the United States mail an envelope, registered or certified, return receipt requested and with postage prepaid, containing a copy of the notice, addressed to: (a) Each person who has recorded a request for a copy of the notice; and (b) Each other person with an interest whose interest or claimed interest is subordinate to the deed of trust. | |
| Deeds of Trust / Nev. Rev. Stat. §107.080 | Notice of Default (Trustee) | A power of sale may not be exercised until the trustee executes and records in the office of the recorder of the county where the trust property is located a notice of the breach and the trustee's election to sell the property. A copy of the notice of breach and election to sell must be sent by registered or certified mail, return receipt requested, postage prepaid, to the address of: (1) the grantor or the person holding the title of record on the date the notice of default is recorded; and (2) each guarantor or surety of the debt. |
| Commencement of Actions / Nev. Rev. Stat. §14.010(1) | Notice of Pendency of Foreclosure | At the time of filing the complaint in an action for foreclosure of a mortgage upon real property, or affecting the title or possession of real property, the plaintiff must record with the recorder of the county in which the property, or some part of the property, is situated, a notice of the pendency of the action. The notice must contain the names of the parties, the object of the action and a description of the property in that county affected by the action. |
| Nev. Rev. Stat. §113.130(4) | Notice to Purchaser of Property Defects |  4.  If a sale or intended sale of residential property is exempted from the requirements of subsection 1 pursuant to paragraph (a) of subsection 2, the trustee and the beneficiary of the deed of trust shall, not later than at the time of the conveyance of the property to the purchaser of the residential property, or upon the request of the purchaser of the residential property, provide: (a) Written notice to the purchaser of any defects in the property of which the trustee or beneficiary, respectively, is aware; and (b) If any defects are repaired or replaced or attempted to be repaired or replaced, the contact information of any asset management company who provided asset management services for the property. The asset management company shall provide a service report to the purchaser upon request. |
| Enforcement of Judgments / Nev. Rev. Stat. §21.130(1) | Notice of Sale - Judicial foreclosure | Notice of Sale must be personally served upon each borrower or sent by registered mail to the last known address of each borrower. The Notice must also be published 3 times, once each week for 3 weeks, in a newspaper in the country where the property is located. In addition, a copy of the Notice must be posted prior to the sale of the property. A copy of the Notice of Sale must be posted for 20 days successively in 3 public places in the city where the property is located and where the property is to be sold. A copy must also be posted in a conspicuous place on the property. The notice may not be defaced or removed until the transfer of title is recorded or the property becomes occupied after completion of the sale, whichever is earlier. |
| Deeds of Trust / Nev. Rev. Stat. §107.080 | Notice of Sale - Non-judicial foreclosure | A trustee may not give a notice of sale until at least 3 months have elapsed from the time the notice of breach and election to sell is recorded. However, if a certification and affidavit are included with the notice, indicating use of the expedited procedure, a notice of sale may be recorded not less than 60 days, rather than 3 months, after the recording of the notice of default. In addition, a trustee, or other person authorized to make a sale under the terms of the trust deed or transfer in trust must publish a copy of the notice of sale 3 times, once each week for 3 weeks, in a newspaper of general circulation in the country where the property is located. Furthermore, a trustee, or other person authorized to make a sale under the terms of the trust deed or transfer in trust must post a similar notice describing the property, for 20 days successively, in a public place of the county where the property is situated. |
| Deeds of Trust / Nev. Rev. Stat. §107.087(3) | Notice to Tenants or Subtenants | A separate notice must be provided to any tenant or subtenant, if any, other than the grantor or the grantor's successor in interest, in actual occupation of the premises not later than 3 business days after the notice of sale is given. |
| Enforcement of Judgments / Nev. Rev. Stat. §21.130(3) | Notice to Tenants or Subtenants | A separate notice must be provided to any tenant or subtenant, if any, other than the borrower, in actual occupation of the premises not later than 3 business days after the Notice of Sale is served upon the borrower. |
| Deeds of Trust / Nev. Rev. Stat. §107.085 | Notice You Are in Danger of Losing Your Home! | A trustee may not exercise a power of sale unless the trustee serves upon the grantor or the person who holds the title of record the "Notice You Are in Danger of Losing Your Home!", no later than 60 days prior to the date of sale |
| Deeds of Trust / Nev. Rev. Stat. §107.200 | Payoff Statement | Statements must be mailed within 21 days after receiving a request from a person authorized to make a request. |
| Nevada Assembly Bill 361 | Prohibited Fees | Section 1.7 of this bill makes it a deceptive trade practice for a person, in the course of his or her business or occupation, to charge a fee to update or change records relating to a person, including billing or credit information, including, in circumstances in which the person requesting the update or change chooses to communicate about the update or change by speaking with a natural person by telephone in lieu of using an automated or computerized telephone system. |
| Deeds of Trust / Nev. Rev. Stat. §107.077 | Release of Lien | Within 21 calendar days after receiving written notice that the debt has been paid or discharged, a lender must deliver to the trustee the original note and deed of trust, if the lender (rather than the trustee) has the documents in its possession, along with a properly executed request to reconvey the estate in real property conveyed to the trustee by the grantor. The trustee must then deliver the original note and deed of trust to the borrower. Within 45 calendar days after the debt has been paid or discharged, the trustee must cause a reconveyance of the deed of trust to be recorded. |
| Nev. Senate Bill 33, Section 1 | Special Rules for Service Members | Notwithstanding any other provision of law and except as otherwise ordered by a court of competent jurisdiction, if a borrower is a servicemember or a dependent of a servicemember, a person may not initiate or direct or authorize another person to initiate a foreclosure sale during any period that the servicemember is on active duty or deployment or for a period of 1 year immediately following the end of such active duty or deployment. Except as otherwise provided below, in any civil action for a foreclosure sale involving a failure to make a payment required by a residential mortgage loan that is filed against a servicemember or a dependent of a servicemember, while the servicemember is on active duty or deployment or during the 1-year period immediately following the end of such active duty or deployment, the court may, on its own motion after a hearing, or will, on a motion or on behalf of the servicemember or dependent of the servicemember, as applicable, do one or both of the following: (a) stay the proceedings in the action until at least 1 year after the end of the servicemember’s active duty or deployment; or (b) adjust the obligation to preserve the interests of the parties. The provisions above do not apply if the court determines that the ability of the servicemember or dependent of the servicemember to comply with the terms of the obligation secured by the residential mortgage loan is not materially affected by the servicemember’s active duty or deployment. Except as otherwise provided below, any person who knowingly initiates or directs or authorizes another person to initiate a foreclosure sale in violation of this provision is guilty of a misdemeanor and may be liable for actual damages, reasonable attorney’s fees and costs incurred by the injured party. The provisions above do not apply to a trustee who initiates a foreclosure sale pursuant to the direction or authorization of another person. |
| Nev. Rev. Stat. §107.080(11) | Trustee's Deed | 10. After a sale of property is conducted pursuant to this section, the trustee shall: (a) Within 30 days after the date of the sale, record the trustee’s deed upon sale in the office of the county recorder of the county in which the property is located; or (b) Within 20 days after the date of the sale, deliver the trustee’s deed upon sale to the successful bidder. Within 10 days after the date of delivery of the deed by the trustee, the successful bidder shall record the trustee’s deed upon sale in the office of the county recorder of the county in which the property is located. 11. Within 5 days after recording the trustee’s deed upon sale, the trustee or successful bidder, whoever recorded the trustee’s deed upon sale pursuant to subsection 10, shall cause a copy of the trustee’s deed upon sale to be posted conspicuously on the property. The failure of a trustee or successful bidder to effect the posting required by this subsection does not affect the validity of a sale of the property to a bona fide purchaser for value without knowledge of the failure. |