Posted on: 06th Sep, 2011 11:41 am
We are purchasing a foreclosure from Bank of America. We saw the clause about the right of redemption and when we asked our realtor we were told that Nevada doesn't exercise the right of redemption.
Is this true? Help please. Signing next week.
Is this true? Help please. Signing next week.
If your realtor disclosed that there is no right of redemption, they you should take their word. Realtors in your state are to comply with state RE laws... You can call Nevada Dept. of Real Estate to be certain. But I believe NV is same as CA in regards to deeds of trust. Generally only Judicial Foreclosure states have the redemption period. On trustee sales, the redemption is up to 5 days before the Trustee Sale date...Good luck
that was me, forgot to log in. Also, most of those contracts from the bank, are general, and they are sent to all 50 states. Some terms apply and some details do not, which vary from state to state.
Hi Tiako,
As far as I know, it is true that Nevada does not exercise the right of redemption. However, there is a 1 year right of redemption if a foreclosure is obtained by judicial means.
Thanks
As far as I know, it is true that Nevada does not exercise the right of redemption. However, there is a 1 year right of redemption if a foreclosure is obtained by judicial means.
Thanks