Walk It Through: The Notice Of Default
A Nevada home behind on its deed of trust, from the recorded notice to a challenge after the sale.
A notice of default and election to sell is recorded against the house and arrives by certified mail.
Two things a person in this spot might do. Picking one shows what the law says about it.
One house and one deed of trust. The notice before the notice of default, foreclosure mediation for an owner occupied home, and what a later buyer in good faith keeps are not worked through here.
A practice walkthrough, not a prediction of how any real one will go. Legal information, not legal advice.
Words this turns on
Terms with a legal meaning that is narrower than the everyday one. Each links to the definition and the authority behind it.
- Certificate of titleThe document the seller and the buyer both sign, in writing or electronically, with the buyer's residence address, when a Nevada vehicle changes hands.
- DeficiencyWhat is still owed after a repossessed vehicle is sold or leased again, owed only if the notice was given within 60 days after repossession and itemizes the balance and any delinquency, collection or repossession costs.
- Lis pendensA recorded notice that an action about the property is pending. To void a trustee's sale, one is recorded in the county where the sale took place within 5 days after the action begins.
- Notice of default and election to sellThe notice of a breach that a beneficiary or trustee records in each county where the property lies and mails, starting the 35 days to make good the deficiency and the 3 months before a trustee's sale.
- Power of saleThe trustee's power under a deed of trust to sell the property after a breach, once the notices and waiting periods the statute sets have run.
- Right to redeemPaying the debt in full during the notice period to get a repossessed vehicle back. The notice of intent to sell states the right and the total amount needed to redeem as of its date.