Legal Information Nevada
Insurance Information Nevada
General Information Nevada
Finance Information Nevada
Privacy Disclaimer Website Credits
Rosenfeld Real Estate Law Group Nevada  
Real Estate Law Information Nevada Real Estate Development Nevada Real Estate Transaction Nevada The Rosenfeld Law Nevada

(702) 386-8637

Home Fimr Overview Attorney Profiles Request Info Contact Info

Information Overview




Legal Focused Topics

Structural Failures and/or Collapses Mold Liability and Management Construction/Building Claims and Disputes Bid Protests and Disputes Construction Mediation Construction Insurance Procurement and Negotiations Contract Law Property Law Fair Housing Act Eminent Domain Landlord Tenant Law Fair Housing Act Covenants and Conditions Insurance Topics Insurance Coverage and Disputes Homeowner’s Insurance Home Title Insurance General R/E Topics Dual Agency Real Estate Development Real Estate Overview Real Estate Transactions Home Inspection Real Estate Agent Real Estate Broker Zoning and Permits Deed of Trust Finance Topics Fannie Mae Taxpayer Relief Act Real Estate Investment Real Estate Property Tax Planning and Appeal Real Estate Finance Fixed Rate Mortgages Adjustable Rate Mortgage Liens Promissory Note Refinancing Foreclosures Mortgage Broker

Foreclosures Nevada One of the best ways to obtain affordable property is to buy a foreclosure property. While this may get you good rates and a great locality, it is a method that requires careful research, expert support and lots of consideration.


What are Foreclosures?


Foreclosures, sometimes called REO properties, are residences that have been repossessed by the lender due to nonpayment of the mortgage. Thousands of homes end up in foreclosure every year, a fact that is also affected by economic conditions. Other factors that lead to foreclosures are job loss, credit problems and unexpected expenses.


Types of Foreclosure


Foreclosures can either be judicial or non-judicial. Judicial foreclosure action is a proceeding in which a mortgagee, a trustee or another lien holder on property requests a court-supervised sale of the property to cover the unpaid balance of a delinquent debt. Non-judicial foreclosure on the other hand is the process of selling real property under a power of sale in a mortgage or deed of trust that is in default. In such a foreclosure, however, the lender is unable to obtain a deficiency judgment, which makes some title insurance companies reluctant to issue a policy.


Where to Find Foreclosures


Most states require that a foreclosure notice be published in the legal notices section of a local newspaper where the property is located or in the nearest city. Also, these notices are posted on the property itself and somewhere in the city where the sale would take place. Also the U.S. Department of Housing and Urban Development acquires properties from lenders who foreclose on mortgages insured by HUD. These properties are available for sale to both homeowner-occupants and investors.




While foreclosure seems a good option, it is best to proceed cautiously. First time buyers should hire an expert, a qualified attorney to help them move through this process, as there can be many pitfalls. The house should be thoroughly inspected and all documents checked to ensure that no un-cleared liens, undisclosed mortgages or court judgments are not pending.


Foreclosure Financing


It is quite difficult to get financing for a foreclosed property. Often the only way to obtain financing is to put up a great deal of cash, or work on a line of credit with your bank where you can draw a cashier’s checks.

  Be Careful In many instances foreclosed properties may have major damage.  Look for structural issues as well as mold and other forms of damage.  There may have been a very good reason for the previous owner to walk away.








Home  l  Firm Overview  l Attorney Profiles  l  Request Info  l  Contact Us  l Privacy  l  Disclaimer  l Credits  l Sitemap