1. A civil action for a foreclosure sale pursuant to NRS 40.430 involving a failure to make a payment required by a residential mortgage loan must be dismissed without prejudice, any notice of default and election to sell recorded pursuant to subsection 2 of NRS 107.080 or any notice of sale recorded pursuant to subsection 4 of NRS 107.080 must be rescinded, and any pending foreclosure sale must be cancelled, if:
(a) The borrower accepts a permanent foreclosure prevention alternative;
(b) A notice of sale is not recorded within 9 months after the notice of default and election to sell is recorded pursuant to subsection 2 of NRS 107.080; or
(c) A foreclosure sale is not conducted within 90 calendar days after a notice of sale is recorded pursuant to subsection 4 of NRS 107.080.
2. The periods specified in paragraphs (b) and (c) of subsection 1 are tolled:
(a) If a borrower has filed a case under 11 U.S.C. Chapter 7, 11, 12 or 13, until the bankruptcy court enters an order closing or dismissing the bankruptcy case or granting relief from a stay of foreclosure or trustee’s sale;
(b) If mediation pursuant to NRS 107.086 is required, until the date on which Home Means Nevada, Inc., or its successor organization, issues the certificate pursuant to NRS 107.086 that mediation has been completed in the matter;
(c) If mediation pursuant to NRS 40.437 is required or if a court orders participation in a settlement program, until the date on which the mediation or participation in a settlement program is terminated; or
(d) If a borrower has submitted an application for a foreclosure prevention alternative, until the date on which:
(1) A written offer for a foreclosure prevention alternative is submitted to the borrower;
(2) A written statement of the denial of the application has been submitted to the borrower pursuant to subsection 4 of NRS 107.530, and any appeal period pursuant to subsection 5 of NRS 107.530 has expired; or
(3) If the borrower has appealed the denial of an application for a foreclosure prevention alternative, a written offer for a foreclosure prevention alternative or a written denial of the appeal is submitted to the borrower.
3. If, pursuant to subsection 1, a civil action is dismissed, a notice of default and election to sell recorded pursuant to subsection 2 of NRS 107.080 or any notice of sale recorded pursuant to subsection 4 of NRS 107.080 is rescinded, or any pending foreclosure sale is cancelled, the mortgagee or beneficiary of the deed of trust is thereupon restored to its former position and has the same rights as though an action for a judicial foreclosure had not been commenced or a notice of default and election to sell had not been recorded.
(Added to NRS by 2013, 2193; A 2015, 3328; 2017, 4098, 4105, 4106)
Structure Nevada Revised Statutes
NRS 107.020 - Transfers in trust of real property to secure obligations.
NRS 107.026 - Priority of certain deeds of trust over other liens.
NRS 107.029 - Trustees: Declaration of nonmonetary status; objection to declaration.
NRS 107.040 - Adoption of covenants by reference in instrument.
NRS 107.050 - Parties may enter into different or additional covenants.
NRS 107.055 - Amount must be stated in instrument.
NRS 107.0795 - "Abandoned residential property" defined.
NRS 107.081 - Time and place of sale; agent holding sale not to be purchaser.
NRS 107.082 - Oral postponement of sale.
NRS 107.083 - Proceedings after purchaser refuses to pay amount bid.
NRS 107.084 - Penalty for removing or defacing notice of sale.
NRS 107.0865 - Mediation to negotiate loan modification.
NRS 107.087 - Notice of default and election to sell in residential foreclosure: Requirements.
NRS 107.095 - Notice of default: Mailing to guarantor or surety of debt; effect of failure to give.
NRS 107.100 - Receiver: Appointment after filing notice of breach and election to sell.
NRS 107.140 - Sale in lieu of foreclosure sale: Limitations.
NRS 107.200 - Contents of statement regarding debt secured by deed of trust.
NRS 107.210 - Contents of statement of amount necessary to discharge debt secured by deed of trust.
NRS 107.230 - Proof of authorization to request statement.
NRS 107.240 - Grounds for refusal to deliver statement.
NRS 107.260 - Copy of note or deed of trust for authorized requester.
NRS 107.270 - Address to which request for statement must be mailed.
NRS 107.280 - Debt to which information contained in statement is applicable.
NRS 107.300 - Penalty for failure to deliver statement; bar to recovery of certain damages.
NRS 107.310 - Fee for furnishing statement.
NRS 107.311 - Applicability of NRS 107.310.
NRS 107.410 - "Borrower" defined.
NRS 107.420 - "Foreclosure prevention alternative" defined.
NRS 107.430 - "Foreclosure sale" defined.
NRS 107.440 - "Mortgage servicer" defined.
NRS 107.450 - "Residential mortgage loan" defined.
NRS 107.470 - Right of borrower to pursue more than one foreclosure prevention alternative.
NRS 107.480 - Restrictions on trustee’s power of sale and civil actions for foreclosure sales.