Nevada Revised Statutes 668.051 – Unreasonable delay in responding to offer for sale in lieu of foreclosure
1. A banking or other financial institution, or an officer, manager or employee of a banking or other financial institution, shall not unreasonably delay responding to an offer for a sale in lieu of a foreclosure sale on real property secured by a residential mortgage loan.
Terms Used In Nevada Revised Statutes 668.051
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. For the purposes of this section, a person is presumed to have unreasonably delayed responding to an offer for a sale in lieu of a foreclosure sale on real property secured by a residential mortgage loan when the person fails to respond to an offer for a sale in lieu of a foreclosure sale with an acceptance or rejection of the offer within 90 days after receipt of the offer, unless the parties have agreed in writing to a delay of more than 90 days after receipt of the offer.
3. As used in this section:
(a) ’Banking or other financial institution’ means any bank, savings and loan association, savings bank, thrift company, credit union or other financial institution that is licensed, registered or otherwise authorized to do business in this State.
(b) ’Indebtedness’ has the meaning ascribed to it in NRS 40.451.
(c) ’Residential mortgage loan’ has the meaning ascribed to it in NRS 645B.0132.
(d) ’Sale in lieu of a foreclosure sale’ means a sale of real property pursuant to an agreement between a person to whom an obligation secured by a mortgage or other lien on real property is owed and the debtor of that obligation in which the sales price of the real property is insufficient to pay the full outstanding balance of the obligation and the costs of the sale. The term includes, without limitation, a deed in lieu of foreclosure.