The courts have inherent power to restrain the sale of mortgaged premises in foreclosure proceedings, but are reluctant to exercise such power except where it is shown that particular circumstances, extrinsic to the instrument, would render its enforcement in this manner inequitable and work irreparable injury, and that complainant has no adequate remedy at law. Furthermore, a party must show a probable right of recovery in order to obtain a temporary injunction of a foreclosure action.
Nevada Petition or Complaint to Enjoin Nonjudicial Foreclosure Sale and for Declaratory Relief
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How to fill out Petition Or Complaint To Enjoin Nonjudicial Foreclosure Sale And For Declaratory Relief?
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FAQ
Most lenders in Nevada use a "non-judicial foreclosure" process (sometimes called "sale under a deed of trust") under Chapter 107 of the Nevada Revised Statutes. "Non-judicial" means that your lender does not have to go to court to foreclose on your mortgage.
If you are unable to pay off the default or work out a foreclosure alternative with your lender, 3 months after the Notice of Default is recorded, your lender can begin the process to sell your home. Your lender must record a Notice of Sale at least 21 days before the sale date and send the Notice of Sale to you.
A deed in lieu of foreclosure is a deed given by the owner of mortgaged property to the holder of the mortgage or its designee where the mortgage is in default and foreclosure is a possibility. A deed is given and accepted as an alternative to ("in lieu of") foreclosure.
Some states also provide foreclosed borrowers a redemption period after the foreclosure sale, during which they can buy back the home. However, Nevada law doesn't provide a redemption period following a nonjudicial foreclosure sale.
You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.
One way to temporarily halt the foreclosure proceedings is to request mediation through Nevada's Foreclosure Mediation program. You can also file a Chapter 13 bankruptcy if you have the ability to enter into a payment plan to cure default. The Bankruptcy Court also has a mediation program for homeowners.
action rule typically requires a lender to complete a judicial or nonjudicial foreclosure on the real property collateral before it can obtain a deficiency judgment against the borrower or take other action to collect against a borrower's assets.