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Deed of Trust Procedures short graph

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Information about Deed of Trust Procedures short graph
Real Estate

Published on November 28, 2008

Author: paurbach

Source: slideshare.net

Description

How a deed of trust works
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Land Buyer Seller $ $ Bank Lender Promissory Note (I.O.U) Borrower Owner Trust Deed Land Trustee Trustor Grantor Beneficiary Title is conveyed to the trustee subject to the terms of the Deed of Trust -If Borrower pays, reconvey title to Borrower Reconvey -If Borrower defaults, give notice of the default, then advertise & sell the property at auction Buyer

Record and serve Notice of Default 35 days to cure by paying back payments, foreclosure fees and costs. NRS 107.080 35 days Notice of Sale cannot be published until three months (not 90 days) from recording of the Notice of Default. NRS 107.080(4) 55 days Notice of Sale Advertise the Notice of Sale once a week for 3 successive weeks. NRS 21.130(3) & 107.080(4) 3 weeks Trustees Sale Suit to establish the deficiency must be filed within 6 months of the Trustee's Sale. NRS 40.455 6 months Last day to file suit for deficiency DEFICIENCY JUDGMENT CALCULATION: Calculate the lesser of A or B below. NRS 40.459. A. Amount owed $100K Fair Market Value -$75K $25K B. Amount owed $100K - Amount Sold -$100K $0

A.

Amount owed $100K

Fair Market Value -$75K

$25K

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