The foreclosure process in the State of Nevada takes 6 months from the Notice of default is filed until the final eviction of the homeowner is completed.
There are 6 steps in the foreclosure process in Nevada 1)Notice of Default - this notice begins the foreclosure process.
A copy is made and sent to all people and institutions that can an interest in the property 2)
Reinstatement Period - lasts 1 month beginning the first day after the notice of default.
This period lasts 35 days during which the homeowner can reinstate the home loan by making back payments 3)
Redemption Period - lasts about 2 months beginning on day 36 after the Notice of default.
The entire loan balance becomes payable during this period plus expenses.
With about 10 days left in this period a trustee will notify the lender that they have permission to prepare the Notice of Trustee Sale 4)
Publication Period - lasts about one month (month 4)
during which the Notice of sale must be published each week for 3 weeks in a row before the Trustee sale 5)
Trustee sale lasts about a month (month 5)
where the final step occurs in the foreclosure process.
If there is a successful bid on the property the homeowner will have no more right of redemption at this point.
If there are no bidders the bank or lender becomes the owner.
Eviction - this process begins in month 6 or so after the finalization of the trustee sale.
After posting a 3 day Notice to Quit on the property the homeowner must vacate.
If nothing happens a 5 day Eviction Notice will be posted.
On 5pm on the 5th day the owner will be evicted if they have not vacated.