Recording a declaration of homestead protects you from foreclosure by a judgment creditor if you have less than $550k in equity in your house. It also protects your equity in a bankruptcy by the same amount.
It has no real affect on a foreclosure by a deed of trust and it won't stop a foreclosure by the bank or lender doing a judicial foreclosure or non-judicial trustee foreclosure.
What may help you though us a loan modification or possibly a restructure to reduce the loan amount.
William Devine, II
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Actually filing a homestead in Nevada only has an effect if and when a judgment creditor, rather than your mortgages, sells the home (or, presumably, if there was a judgment lien and equity at a foreclosure).
It can be filed the day of the sale and still has full effect.
It has absolutely no effect on foreclosure.
A Nevada Homestead prepared and recorded pursuant to NRS 115.020 will protect the property from execution and sale. A secured creditor that is the beneficiary of a deed of trust upon real property has a property interest in the property that supersedes a homeowners rights/protections obtained via homestead. The only protection a homeowner has from eventual foreclosure is to stay current upon the mortgage pursuant to the terms of the promissory note.
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