I have posted a two part video explaining how the foreclosure process works in Nevada that you can find if you scroll through the topics at the link below.
When Wells Fargo might begin the foreclosure process is one of those questions no one is really able to answer.
Hope this perspective helps!
To understand the foreclosure process in Las Vegas, one must first have a working knowledge of Las Vegas Foreclosure Terms. Most people look at foreclosure as a “moment in time”. It is better to look at foreclosure as a process leading up to that moment in time. Basically, the bank is going through the legal process established in Las Vegas Real Estate, to retrieve the money owed by the debtor. Here is a brief overview of how the process works:
Once the Trustor (borrower) is roughly 3 to 6 months behind in payments, the Beneficiary (lender) instructs the Trustee (neutral third party) to proceed with the necessary action to retrieve the money. The Trustee then files a Notice of Default (or Breach) with Clark County. From the date the Notice of Default is filed with the County, it takes roughly 120 days before the property ends up at the Trustee Sale (the auction) that is, if everything goes perfectly. If the homeowner knows what they are doing, the process can be extended for another 12 to 24 months.
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