Nevada Revised Statutes 107.480 – Restrictions on trustee’s power of sale and civil actions for foreclosure sales
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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.
Terms Used In Nevada Revised Statutes 107.480
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
2. In addition to the requirements of NRS 40.430 to 40.4639, inclusive, 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 is subject to the requirements of NRS 107.400 to 107.560, inclusive.