Our friends at Ticor Title have updated their Foreclosure Timeline flowchart. New Nevada Statutes have changed some elements of the process. Click on the chart to enlarge.
The second page of this .pdf document contains definitions of the terms used in the flowchart.
Also worth noting, because it’s not mentioned on the flow chart, is the 30-day timeframe for homeowners to seek mediation under the Nevada Foreclosure Mediation Program. Specifically, Homeowners who receive Notices of Default and Election to Sell have 30 days from the day they received their notice to seek mediation under the Foreclosure Mediation program that was created by the Nevada Legislature and made effective on July 1, 2009.
From the Nevada Foreclosure Mediation Program website:
“The Foreclosure Mediation Program was established as a result of the Assembly Bill 149, passed during the 2009 session of the Nevada Legislature. Its purpose is to address the foreclosure crisis head-on and to help keep Nevada families in their homes. This law establishes a Foreclosure Mediation Program for owner-occupied residential properties that are subject to foreclosure notices – formally known as a Notice of Default and Election to Sell – filed on or after July 1, 2009.”
