Foreclosure Defense in Carson City, NV

There is a storm brewing in Carson City. However, this deluge is not a natural disaster. It is the aftermath of an economic downturn. According to Redfin, house prices dropped 12.3% in 2023.

The aftermath of the COVID economic downturn hit Carson City hard. As a result, many homeowners are unable to meet their mortgage payments.

But we can navigate this challenging terrain together. Equip yourself with the knowledge you need for a more resilient future today.

What Is Foreclosure?

The procedure starts when a homeowner in Carson City, NV fails to fulfill their mortgage payment. Generally, most lenders offer homeowners a grace period of 15 days to catch up. If the homeowner has not addressed the problem, the lender has the option to start foreclosure proceedings. The house is then sold to recuperate the losses incurred. 

Foreclosure By Power of Sale

The power of sale is a provision included in the mortgage or deed of trust. It grants the lender the authority to initiate foreclosure without the need for court supervision. Nevada Revised Statutes describe three general steps for a power of sale foreclosure in Carson City. The lender must give notice, wait for three months, and appoint a trustee. If the lender can substantiate that you fulfill these requirements, they have the ability to sell your home. 

Foreclosure By Judicial Sale

Foreclosure through judicial sale is the court-supervised auction of a property with a mortgage. The court proceedings prioritize the settlement of the mortgage debt. Then, the money from the auction goes to lien holders and the lender. Foreclosure through judicial sale means the lender must carefully navigate the legal procedures. Otherwise, there can be issues with handing legal ownership to the buyer.

Types of Foreclosure Defenses

It is crucial to make every effort to prevent foreclosure. Here are typical foreclosure defenses that your attorney in Carson City might advise you to consider:

The Bank Didn’t Follow State Procedures

Due to its intricate and lengthy nature, the foreclosure process is prone to errors. You may have a case if the bank failed to adhere to the procedures in Carson City, Nevada.

The Mortgage Servicer Made Mistakes

Mortgage service providers can make errors when managing homeowners’ accounts. Here are several prevalent mistakes to be aware of: 

• Charging excessive fees for overdue payments that were not specified in the mortgage agreement.
• Inflating the total amount owed for mortgage payments.
• Mistakenly directing your mortgage payments to an incorrect recipient.
• Dual tracking, or simultaneously pursuing foreclosure while a separate loan modification is under consideration.

Contact a lawyer in Carson City, NV if you believe your lender committed one of these errors. They can help you halt foreclosure and potentially save your home.

You’re on Active Duty

The Servicemembers Civil Relief Act (SCRA) grants specific safeguards to individuals who are serving on active duty. This prohibits lenders in Carson City from foreclosing on your home without a court hearing.

The primary safeguard applies if you obtained your mortgage before entering active duty. In this case, any foreclosure proceedings must occur through the court system. It does not matter if you signed a waiver for the lender.

The Foreclosing Party Lacks “Standing”

The entity initiating the foreclosure process is the one that possesses ownership of the loan. If the lender fails to provide evidence of loan ownership, it signifies a lack of “standing.” Consequently, they are unable to proceed with the foreclosure of the home.

This scenario usually occurs because banks package loans together and sell them to other investors. As a result, it can become challenging to accurately determine who owns the loan for your house.

The Statute of Limitations Has Passed

The statute of limitations provides homeowners with protection if a considerable period of time has passed. Surprisingly, certain mortgages or missed payments can go unnoticed or overlooked.

The statute of limitations for foreclosure in Carson City is six years. This boundary means that a lender has that much time from the date of default to file a foreclosure lawsuit.

Additional Foreclosure Defenses

Below are a few lesser-known alternatives for defending against foreclosure:

• You restarted payments for a loan modification.
• You did not receive a formal breach of contract from the lender.
• If you hold a VA, USDA, or FHA loan, you suspect that the lender has breached federal regulations.

Preparing for the Foreclosure Defense Process

There are no assurances of victory after hiring an attorney in Carson City, Nevada. Each foreclosure case is distinct and makes it necessary to have a comprehensive understanding of the law. A skilled lawyer can help you identify any legal loopholes that may be advantageous.

Your attorney will handle foreclosure concerns with the judge if you live in a state that handles them in civil court. Otherwise, you may have to file to start the process in non-judicial foreclosure states. Foreclosure cases usually go through a district court. Accordingly, the Carson City District Court has jurisdiction over these civil cases.  Even if it is not possible to completely halt the case, an attorney can assist you in delaying the process. There are several ways they can buy time for you to organize and address your personal matters. 

Work with an Experienced Foreclosure Defense Lawyer in Carson City, Nevada

Even if you believe that you do not have a strong case, an attorney may identify compelling reasons to challenge the foreclosure. Seeking guidance from an attorney in Carson City, NV provides an impartial assessment. Furthermore, many initial consultations with lawyers are typically offered at no cost.

Ask us for a referral to legal help online or call (866) 345-6784! We can even help you connect with an attorney across Nevada state lines.