NRS 107.490 – Duties of mortgage servicer.
1. Any duty of a mortgage servicer to maximize net present value under a pooling and servicing agreement is owed to all parties in a loan pool, or to all investors under a pooling and servicing agreement, not to any particular party in the loan pool or investor under a pooling and servicing agreement. 2. […]
NRS 107.500 – Requirements before recording of notice of default and election to sell or commencing civil action for foreclosure sale: Notice; contents.
1. At least 30 calendar days before recording a notice of default and election to sell pursuant to subsection 2 of NRS 107.080 or commencing a civil action for a foreclosure sale pursuant to NRS 40.430 involving a failure to make a payment required by a residential mortgage loan and at least 30 calendar days […]
NRS 107.510 – Recording of notice of default and election to sell or commencing civil action for foreclosure sale prohibited in certain circumstances; mortgage servicer required to contact borrower; exceptions.
1. A mortgage servicer, mortgagee, trustee, beneficiary of a deed of trust or an authorized agent of such a person may not record a notice of default and election to sell pursuant to subsection 2 of NRS 107.080 or commence a civil action for a foreclosure sale pursuant to NRS 40.430 involving a failure to […]
NRS 107.520 – Application for foreclosure prevention alternative; acknowledgment of receipt required; contents of acknowledgment; deficiencies in application.
1. Not later than 5 business days after receiving an application for a foreclosure prevention alternative or any document in connection with such an application, a mortgage servicer, mortgagee or beneficiary of the deed of trust shall send to the borrower written acknowledgment of the receipt of the application or document. 2. The mortgage servicer, […]
NRS 107.530 – Effect of submitting application for foreclosure prevention alternative; offer, acceptance and rejection of foreclosure prevention alternative; denial of application; appeal; fees prohibited.
1. If a borrower submits an application for a foreclosure prevention alternative offered by, or through, the borrower’s mortgage servicer or mortgagee or the beneficiary of the deed of trust, then the mortgage servicer, mortgagee, trustee, beneficiary of the deed of trust or an authorized agent of such a person may not commence a civil […]
NRS 107.540 – Single point of contact required to be established by mortgage servicer for foreclosure prevention alternative; responsibilities.
1. If a borrower requests a foreclosure prevention alternative, the mortgage servicer must promptly establish a single point of contact and provide to the borrower one or more direct means of communication with the single point of contact. 2. A single point of contact is responsible for: (a) Communicating the process by which a borrower […]
NRS 107.550 – Dismissal of civil action for foreclosure sale, rescission of notice of default and election to sell or notice of sale and cancellation of pending foreclosure sale required in certain circumstances; effect on mortgagee or beneficiary of deed of trust.
1. A civil action for a foreclosure sale pursuant to NRS 40.430 involving a failure to make a payment required by a residential mortgage loan must be dismissed without prejudice, any notice of default and election to sell recorded pursuant to subsection 2 of NRS 107.080 or any notice of sale recorded pursuant to subsection […]
NRS 107.560 – Injunctive relief for violation; civil action to recover economic damages; award of costs and attorney’s fees to prevailing party.
1. If a trustee’s deed upon sale has not been recorded, a borrower may bring an action for injunctive relief to enjoin a material violation of NRS 107.400 to 107.560, inclusive. If a sheriff has not recorded the certificate of the sale of the property, a borrower may obtain an injunction to enjoin a material […]
NRS 107.420 – “Foreclosure prevention alternative” defined.
“Foreclosure prevention alternative” means a modification of a loan secured by the most senior residential mortgage loan on the property or any other loss mitigation option. The term includes, without limitation, a sale in lieu of a foreclosure sale. (Added to NRS by 2013, 2185; A 2015, 3345; 2019, 1371)
NRS 107.430 – “Foreclosure sale” defined.
“Foreclosure sale” means the exercise of the trustee’s power of sale pursuant to NRS 107.080 or a sale directed by a court pursuant to NRS 40.430. (Added to NRS by 2013, 2185)