NRS 107.480 – Restrictions on trustee’s power of sale and civil actions for foreclosure sales.
1. In addition to the requirements of NRS 40.439, 40.4395, 107.085 and 107.086, the exercise of a trustee’s power of sale pursuant to NRS 107.080 with respect to a deed of trust securing a residential mortgage loan is subject to the provisions of NRS 107.400 to 107.560, inclusive. 2. In addition to the requirements of […]
NRS 107.311 – Applicability of NRS 107.310.
The provisions of NRS 107.310 do not apply to deeds of trust insured by the Federal Housing Administrator or guaranteed by the Secretary of Veterans Affairs. (Added to NRS by 1995, 1518)
NRS 107.400 – Definitions.
As used in NRS 107.400 to 107.560, inclusive, unless the context otherwise requires, the words and terms defined in NRS 107.410 to 107.450, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2013, 2185)
NRS 107.410 – “Borrower” defined.
“Borrower” means a natural person who is a mortgagor or grantor of a deed of trust under a residential mortgage loan. The term does not include a natural person who: 1. Has surrendered the secured property as evidenced by a letter confirming the surrender or the delivery of the keys to the property to the […]
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)
NRS 107.440 – “Mortgage servicer” defined.
“Mortgage servicer” means a person who directly services a residential mortgage loan, or who is responsible for interacting with a borrower, managing a loan account on a daily basis, including, without limitation, collecting and crediting periodic loan payments, managing any escrow account or enforcing the note and security instrument, either as the current owner of […]
NRS 107.450 – “Residential mortgage loan” defined.
“Residential mortgage loan” means a loan which is primarily for personal, family or household use and which is secured by a mortgage or deed of trust on owner-occupied housing. (Added to NRS by 2013, 2185; A 2015, 3327; 2017, 4105, 4106; 2019, 1371)
NRS 107.230 – Proof of authorization to request statement.
A beneficiary may, before mailing a statement described in NRS 107.200 or 107.210, require the person who requested the statement to prove that the person is authorized to request that statement pursuant to NRS 107.220. If the beneficiary requires such proof, the beneficiary must mail the statement within 21 days after receiving proof from the […]
NRS 107.240 – Grounds for refusal to deliver statement.
If the debt secured by a deed of trust for which a statement described in NRS 107.210 has been requested is subject to a recorded notice of default or a filed complaint commencing a judicial foreclosure, the beneficiary may refuse to deliver the statement unless the written request for the statement is received before the […]