NRS 668.051 Unreasonable delay in responding to offer for sale in lieu of foreclosure.

299 words·~1 min read·/nv/chapter-668-prohibited-practices-and-penalties/668-051·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. A banking or other financial institution, or an officer, manager or employee of a banking or other financial institution, shall not unreasonably delay responding to an offer for a sale in lieu of a foreclosure sale on real property secured by a residential mortgage loan.

2. For the purposes of this section, a person is presumed to have unreasonably delayed responding to an offer for a sale in lieu of a foreclosure sale on real property secured by a residential mortgage loan when the person fails to respond to an offer for a sale in lieu of a foreclosure sale with an acceptance or rejection of the offer within 90 days after receipt of the offer, unless the parties have agreed in writing to a delay of more than 90 days after receipt of the offer.

3. As used in this section:

(a)“Banking or other financial institution” means any bank, savings and loan association, savings bank, thrift company, credit union or other financial institution that is licensed, registered or otherwise authorized to do business in this State.

(b)“Indebtedness” has the meaning ascribed to it in NRS 40.451 .

(c)“Residential mortgage loan” has the meaning ascribed to it in NRS 645B.0132 .

(d)“Sale in lieu of a foreclosure sale” means a sale of real property pursuant to an agreement between a person to whom an obligation secured by a mortgage or other lien on real property is owed and the debtor of that obligation in which the sales price of the real property is insufficient to pay the full outstanding balance of the obligation and the costs of the sale. The term includes, without limitation, a deed in lieu of foreclosure.