If you're behind on your mortgage in Las Vegas, you have more options than you might think, but Nevada's foreclosure process moves quickly, so the earlier you act the more options you have. Here are the seven main ways to avoid foreclosure, how Nevada's timeline works, and how to decide which option fits you.
How Foreclosure Works in Nevada
Nevada uses non-judicial foreclosure, which means the lender doesn't have to go to court. The process starts when a notice of default is recorded. The law requires a waiting period of at least three months before a notice of sale can be given, and the trustee sale follows within weeks. Owner-occupants may be able to request mediation through Nevada's Foreclosure Mediation Program. Nevada HOAs can also foreclose for unpaid assessments, so HOA delinquency matters too. For the step-by-step timeline, see our Nevada foreclosure timeline.
7 Ways to Avoid Foreclosure in Las Vegas
1. Reinstate the loan
Pay the past-due amount plus fees to bring the loan current. Best if the hardship is over and you can come up with the lump sum.
2. Repayment plan or forbearance
The lender spreads the missed payments over future months, or temporarily pauses or reduces them. Best for a short-term setback.
3. Loan modification
The lender permanently changes the loan terms to lower the payment. It takes paperwork and time, so start early.
4. Sell the house before the trustee sale
If you have equity, selling pays off the loan, keeps a completed foreclosure off your credit, and may leave you with cash. A cash sale can close in as little as 7 days. See how to sell before foreclosure.
5. Subject-to sale
A buyer takes over your existing mortgage payments, often catching up the missed ones, while the loan stays in place. It can work when you have little equity. See how subject-to can stop foreclosure.
6. Short sale
If you owe more than the house is worth, the lender may agree to accept less than the full payoff. It takes lender approval and time. See underwater mortgage options.
7. Deed in lieu of foreclosure
You give the house back to the lender voluntarily. It's usually less damaging than a completed foreclosure, but you walk away with nothing.
Bankruptcy can also pause a foreclosure through the automatic stay. Talk to a bankruptcy attorney about whether it fits your situation.
Which Option Fits You?
- Temporary hardship, want to keep the house: reinstatement, repayment plan, forbearance or modification.
- Want to move on and have equity: sell before the sale date.
- Little or no equity: a subject-to sale or a short sale.
- Military homeowners: see VA loans and foreclosure.
- Seniors with a reverse mortgage: see reverse mortgage foreclosure.
Already been through a foreclosure? See rebuilding credit after foreclosure in Nevada. Selling in Louisiana instead? See stopping foreclosure in Louisiana.
Get a Free Foreclosure Options Review
We'll look at your numbers and walk you through every option, including the ones that don't involve selling to us. Call (877) 800-3187 or use the form on this page. See all of our services.
Frequently asked questions
How long does foreclosure take in Nevada?
Nevada foreclosures are non-judicial, and the law requires at least three months between the notice of default and the notice of sale. Most take a few months end to end.
Can I sell my house if it's already in foreclosure?
Yes. You can usually sell up until the trustee sale, and the sale proceeds pay off the loan.
Will selling before foreclosure protect my credit?
Selling before the trustee sale avoids a completed foreclosure on your credit report, which is generally less damaging, though missed payments will still show.
Can my HOA foreclose on my house in Nevada?
Yes. Nevada HOAs can foreclose for unpaid assessments, so HOA delinquency should be dealt with quickly.