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How Long Do You Have To Get Out Of Your House After Foreclosure?

Losing The Fight

No one likes to think about going through a foreclosure. A mortgage loan is a big step and a huge responsibility to take on. Not only making the monthly payments, but taking care of the house and everything that being a homeowner entails. If you have a family, the responsibility can be overwhelming if you’re not careful. Sometimes we overextend ourselves, and end up with a house payment we just can’t make. It could be for a valid reason such as a loss of income, for many different reasons. Regardless of what they might be, the end result is still the same: you can’t make the payments. When this happens, the lender will threaten to foreclose. After 120 days of non-payment, they can legally start it. And it’s something nobody wants to go through. That’s why you might be thinking to yourself ” I need to sell my house fast in Las Vegas “. Well don’t worry about a thing because Sell your House Fast LV has got you covered.

The Steps 

The first real step is the Notice of Default and Election to Sell, which is recorded with the County Recorder and the thing that signifies the official beginning of a foreclosure. This notice must be posted on the property, and provide the homeowner with three months to resolve the remaining debt in full. At this time, Nevada state law requires that the homeowner facing foreclosure be given the opportunity to participate in foreclosure mediation. If the three months or 90 days goes by and no agreement has been reached and the balance is still unpaid, they will move forward with the foreclosure process, and prepare for the sale of the property. The homeowner is presented with a notice that they are in danger of losing their home due to foreclosure 60 days prior to the sale date, called the Danger Notice. The original promissory note, signed at the time of the home purchase, is attached for clarity. The Notice of Sale/Notice of Tenants is given 20 days prior to the sale, and is when the homeowner and all tenants of the foreclosed property are notified of the projected date of sale by certified mail or personal service. Another Notice of Sale must be posted on the property 15 days before the sale. Under Nevada State Law, the homeowner has until five days prior to the sale to pay all fees and remaining payments in order to reinstate their ownership. After this date, the home is sold. This is when the eviction process begins. It generally takes about 2 years, from start to finish, for a foreclosure to be completed to this point. 

The Eviction Process 

Once the home is sold, the new owner has the option of evicting anyone who remains in the home. A minimum of four months has elapsed by this point, and this is the first time in the foreclosure process that anyone can legally ask you to leave. However, it is at this point that things begin to move much more quickly. First, you must be served with a Three-Day Notice to Quit Following Foreclosure. If you can enter into an agreement for more time with the new owner, now is the time. Because after that, if you don’t leave voluntarily, the new owner can get a court order requiring you to leave the home by a specified date anywhere between 3 and 30 days after the Judge signs the order. They can also ask for a money judgement. Refuse to leave, and the sheriff will post a notice of eviction on your front door and physically remove you and your belongings from the property just 24 hours later. If you’re uncooperative, the Judge can have you ordered to pay the new owner’s court costs, as well. There are things you can do to prolong this, by fighting the case, but unless the lender has violated some Nevada law during the foreclosure process, your best bet is to just leave, and avoid getting the eviction on your record in addition to the foreclosure. 

Option To Short Sale

If you haven’t thought about this option, it’s definitely worth checking out. Generally, the lender will agree to allow you to sell your house in what’s called a short sale, for somewhat less than it’s worth but still more than what they’ll get at a foreclosure auction. Since they officially control the deed, you’ll need to get their permission. But there is another route you can take, and that is that you can contact a home buyer like Sellyourhousefastlv who will buy your house fast for cash, and give you the best fair price possible. Like a short sale, selling your house for cash will help you avoid foreclosure and protect your credit. Unlike a short sale, you will have more flexibility to set your own timetable and more control over the sale price. This is often a much better option since it will give you a better chance of retaining some of the equity you may have built in your home. So before you let your house go into foreclosure or agree to a short sale, talk to a representative at Sellyourhousefastlv, where there is no obligation to get a cash offer and people you can trust. They can help you during this process, and possibly get you much more than you thought possible. You may be able to pay off your mortgage and still walk away with cash in your pocket. This is one of the big advantages to dealing with a cash home buyer instead of agreeing to a short sale. Sellyourhousefastlv is a reputable business with the integrity and experience you need. They never charge a commission or any fees for their comprehensive services, and in fact cover all legal and closing costs related to the sale of your house. They truly care about your future and in helping you make the best out of your situation. They will get you the best price possible for your house and they have the fastest closing times out there. When you’re facing a foreclosure, contact Sellyourhousefastlv and let them help you get the best cash price possible for your house, fast! 

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