Escrow & Title
What is a Notice of Default (NOD) in Nevada's non-judicial foreclosure process?
AA letter from the lender warning the borrower to pay
BA recorded public notice that initiates the non-judicial foreclosure process after a borrower defaults✓ Correct
CA court filing required before a judicial foreclosure
DA notice from NRED to a delinquent licensee
Explanation
In Nevada's non-judicial foreclosure process, the trustee records a Notice of Default and Election to Sell (NOD) with the county recorder. This officially begins the foreclosure timeline.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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