Foreclosure Attorneys

Refined & Experienced Summerlin Las Vegas Real Estate Foreclosure Attorneys. The Law Office of Jacqueline Mary McQuigg & Assoc. Foreclosure Attorney in Las Vegas.


A Reality Check... Foreclosure and What to Expect.

What is foreclosure?
Who has the right to foreclose?
What is the foreclosure procedure?
How can I stop foreclosure?
What about a loan modification?
What about help from the government?

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What is foreclosure?

To foreclose on property is for a creditor to assert a claim of right, given by the owner of property to a creditor, to transfer interest in property to the creditor in the event the present owner (borrower) fails to pay an obligation, usually created by a loan agreement or promissory note.

In short, in most cases, it is when a lender takes property from its owner and sells it in order to satisfy an unpaid debt.

Who has the right to foreclose?

In most cases, the right to foreclose on interest in property is granted to a lender by a borrower who executes a Deed of Trust when mortgaging real property. A Deed of Trust authorizes a Trustee to redeem interest out of the value of property by confiscating income produced from the property or by forcing a sale of the property. When the property is sold, any funds remaining after paying off the obligations to the lender and other persons who have a Deed of Trust or lien against the property go to the borrower.

What is the foreclosure procedure?

When a person defaults on a loan agreement with a mortgage company, perhaps by failing to pay a monthly note to a mortgagee (lender), in most cases the lender has an automatic right to foreclose on its interest in the property that was mortgaged. A lender may begin the procedure very soon after a monthly payment is late, but most lenders wait at least 90 days before beginning the "foreclosure process". At that time, the lender will direct the Trustee named in the Deed of Trust that is recorded against the mortgaged property to foreclose on its interest in the property, force a sale, and collect the proceeds from the sale that are due the lender.

In Nevada, the "foreclosure procedure" begins when the lender (via its Trustee) posts on the property and records with the County Recorder a Notice of Default and Election to Sell. This document is meant to notify you that your lender has elected to force the sale of the property in order to satisfy all or part of the borrower's obligation to the lender.

Ninety (90) days after the Notice of Default is properly posted and recorded, then, and only then, does the lender have the right to post the next notice that is required by law, the Notice of Trustee's Sale. This notice is meant to notify the owner/borrower that the property will be sold at an auction. The date of the sale is usually 21 days after the notice is property posted and recorded.

Once the property is sold, the buyer has the right to take almost immediate possession in most cases. If the borrower, or another party, remains in possession, the new buyer can often have the person evicted in a few days.


Foreclosure Attorney Las Vegas
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