How Can a Lender Foreclose on a Property in Nevada?
Most mortgages in Nevada contain a power of sale clause that allows the lender to foreclose on a property without suing the buyer in court. The lender must follow the notice and sale requirements described in the mortgage unless the mortgage is silent as to those facts in which case the seller must follow the notice and sale requirements set forth in state law.
If the mortgage does not contain a power of sale clause then the lender may sue the buyer in state court. This process is called a judicial foreclosure and requires the buyer to obtain a court decree of foreclosure and order of sale. It is allowed by state law but is rarely used since most mortgages contain a power of sale clause.