Nevada Revised Statutes 107.420 – ‘Foreclosure prevention alternative’ defined
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‘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.
Terms Used In Nevada Revised Statutes 107.420
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC