Timeline: 120 Days
Redemption: 12 months if Judicial Foreclosure
Deficiency Judgments: Yes
Judicial Foreclosure: Yes, although not common
Non-Judicial Foreclosure: Yes
Security Instruments: Deed of Trust, Mortgage

In Nevada, lenders may pursue either a Non-Judicial or Judicial Foreclosure process. The Non-Judicial process is the one that is most commonly used.
The Judicial Foreclosure process is used rarely in Nevada, and only when there is no “power of sale” clause present in the original loan documents, or if the lender is suing the borrower for a deficiency judgment. The lender must sue the borrower in court and obtain a decree of foreclosure and order of sale. The court may give the borrower up to one year to redeem the property.

The more commonly used process in Nevada is the Non-Judicial Foreclosure, which requires the original loan documents to contain a “power of sale” clause. This clause authorizes the lender to sell the property in the event of a default by the borrower. If the clause specifies the time, place, and terms of the sale, then those procedures must be adhered to.
The sale process in Nevada is begun with a notice of default and election to sell being recorded in the county in which the property is located. When it is recorded, a copy is also sent by certified mail to the borrower. The borrower then has thirty-five (35) days to cure the default and bring the loan current.
If the borrower plans to cure the default, he must file a notice of intent to cure no later than fifteen (15) days before the sale. The amount to bring the loan current is due by noon on the day before the sale date.
The entire amount of the loan may be called due in the notice of default and election to sell. This is only possible if the terms of the loan documents allow for acceleration of the loan upon default. If the borrower is able to cure the default within the thirty-five day period, then acceleration of the loan by the lender is not permitted.
The date of the sale can not be less than three months from the date the notice is recorded in the county. The notice of default and election to sell will designate the time and place of the sale. The high bidder receives a trustee's deed once the sale is completed. The lender will usually bid the amount due plus costs. If there are no higher bids on the property, the property will revert to the lender.