NRS
107.550 Dismissal of civil action for foreclosure sale, rescission of
notice of default and election to sell or notice of sale and cancellation of
pending foreclosure sale required in certain circumstances; effect on mortgagee
or beneficiary of deed of trust.
1. A civil action for a foreclosure sale
pursuant to NRS 40.430 involving a
failure to make a payment required by a residential mortgage loan must be
dismissed without prejudice, any notice of default and election to sell
recorded pursuant to subsection 2 of NRS
107.080 or any notice of sale recorded pursuant to subsection 4 of NRS 107.080 must be rescinded, and any
pending foreclosure sale must be cancelled, if:
(a) The borrower accepts a permanent foreclosure
prevention alternative;
(b) A notice of sale is not recorded within 9
months after the notice of default and election to sell is recorded pursuant to
subsection 2 of NRS 107.080; or
(c) A foreclosure sale is not conducted within 90
calendar days after a notice of sale is recorded pursuant to subsection 4 of NRS 107.080.
2. The periods specified in paragraphs (b)
and (c) of subsection 1 are tolled:
(a) If a borrower has filed a case under 11
U.S.C. Chapter 7, 11, 12 or 13, until the bankruptcy court enters an order
closing or dismissing the bankruptcy case or granting relief from a stay of
foreclosure or trustee’s sale;
(b) If mediation pursuant to NRS 107.086 is required, until the date on
which Home Means Nevada, Inc., or its successor organization, issues the
certificate pursuant to NRS 107.086 that
mediation has been completed in the matter;
(c) If mediation pursuant to NRS 40.437 is required or if a court orders
participation in a settlement program, until the date on which the mediation or
participation in a settlement program is terminated; or
(d) If a borrower has submitted an application
for a foreclosure prevention alternative, until the date on which:
(1) A written offer for a foreclosure
prevention alternative is submitted to the borrower;
(2) A written statement of the denial of
the application has been submitted to the borrower pursuant to subsection 4 of NRS 107.530, and any appeal period pursuant
to subsection 5 of NRS 107.530 has
expired; or
(3) If the borrower has appealed the
denial of an application for a foreclosure prevention alternative, a written
offer for a foreclosure prevention alternative or a written denial of the
appeal is submitted to the borrower.
3. If, pursuant to subsection 1, a civil
action is dismissed, a notice of default and election to sell recorded pursuant
to subsection 2 of NRS 107.080 or any
notice of sale recorded pursuant to subsection 4 of NRS 107.080 is rescinded, or any pending
foreclosure sale is cancelled, the mortgagee or beneficiary of the deed of
trust is thereupon restored to its former position and has the same rights as
though an action for a judicial foreclosure had not been commenced or a notice
of default and election to sell had not been recorded.
(Added to NRS by 2013,
2193; A 2015,
3328; 2017,
4098, 4105,
4106)
Notes of Decisions
Agio, Llc Vs. Quality Loan Serv. Corp. (2020)
nev · cites it 5×
“Agio argues that the district court erred dismissing its complaint because a plain reading of NRS 107.550 requires a notice of default and election to sell to be rescinded if the notice of sale is not recorded within nine months thereafter, NRS 107.”
Posner v. U.S. Bank Nat'l Ass'n (2024)
nev · cites it 2×
“" The Posners contend that the district court erred in relying on NRS 107.550 because that statute only applies to judicial foreclosure actions commenced on or after October 1, 2013.”
Snyder v. Clear Recon Corp. (2022)
nev · cites it 18×
“Before respondent Sanam Limited recorded the trustee’s deed upon sale, appellants filed a complaint for injunctive relief, arguing that Clear Recon had materially violated NRS 107.550 because no foreclosure sale occurred, and more than 90 days passed between the recording of the…”
Tracy Lee Hurst-Castl v. Sables, LLC (2025)
nvd · cites it 5×
“18, 2020) (holding that NRS § 107.550(1) does not apply where 2 owner “did not occupy the property as its primary residence”).”
Posner v. U.S. Bank National Association (2020)
nvd · cites it 3×
“240 does not apply here becausethat Notice of Default was rescindeda month after it was 8 filed, effectively “deaccelerat[ing]the loan and restoring the original terms under the loan 9 contract” by operation of NRS 107.550(3).36 The Posners respond that “[t]here is nothing in 10…”
Glass Vs. Select Portfolio Serv., Inc. (2020)
nev · cites it 2×
“3d 602 , 606 'We note that NRS 107.550(3)s provision that a rescission restores the mortgagee to its former position would clearly resolve this issue, but it is inapplicable here as NRS 107.”
Song v. Wells Fargo (2021)
nvd
“They ask for damages 27 and the remedies enumerated in NRS 107.550(1). (Id. ¶¶ 179, 190–191). 28 1 To begin with, the “Songs give no explanation for why these claims were not brought 2| in their original complaint.”
— Nev. Rev. Stat. § 107.550(1) — 4 cases
Agio, Llc Vs. Quality Loan Serv. Corp. (2020)
nev
“Agio argues that the district court erred dismissing its complaint because a plain reading of NRS 107.550 requires a notice of default and election to sell to be rescinded if the notice of sale is not recorded within nine months thereafter, NRS 107.”
Snyder v. Clear Recon Corp. (2022)
nev
“Before respondent Sanam Limited recorded the trustee’s deed upon sale, appellants filed a complaint for injunctive relief, arguing that Clear Recon had materially violated NRS 107.550 because no foreclosure sale occurred, and more than 90 days passed between the recording of the…”
Song v. Wells Fargo (2021)
nvd
“They ask for damages 27 and the remedies enumerated in NRS 107.550(1). (Id. ¶¶ 179, 190–191). 28 1 To begin with, the “Songs give no explanation for why these claims were not brought 2| in their original complaint.”
— Nev. Rev. Stat. § 107.550(1)(b) — 1 case
Agio, Llc Vs. Quality Loan Serv. Corp. (2020)
nev
“Agio argues that the district court erred dismissing its complaint because a plain reading of NRS 107.550 requires a notice of default and election to sell to be rescinded if the notice of sale is not recorded within nine months thereafter, NRS 107.”
— Nev. Rev. Stat. § 107.550(1)(c) — 1 case
— Nev. Rev. Stat. § 107.550(2) — 1 case
Snyder v. Clear Recon Corp. (2022)
nev
“Before respondent Sanam Limited recorded the trustee’s deed upon sale, appellants filed a complaint for injunctive relief, arguing that Clear Recon had materially violated NRS 107.550 because no foreclosure sale occurred, and more than 90 days passed between the recording of the…”
— Nev. Rev. Stat. § 107.550(2)(a) — 1 case
— Nev. Rev. Stat. § 107.550(3) — 3 cases
Posner v. U.S. Bank Nat'l Ass'n (2024)
nev
“" The Posners contend that the district court erred in relying on NRS 107.550 because that statute only applies to judicial foreclosure actions commenced on or after October 1, 2013.”
Posner v. U.S. Bank National Association (2020)
nvd
“240 does not apply here becausethat Notice of Default was rescindeda month after it was 8 filed, effectively “deaccelerat[ing]the loan and restoring the original terms under the loan 9 contract” by operation of NRS 107.550(3).36 The Posners respond that “[t]here is nothing in 10…”
Glass Vs. Select Portfolio Serv., Inc. (2020)
nev
“3d 602 , 606 'We note that NRS 107.550(3)s provision that a rescission restores the mortgagee to its former position would clearly resolve this issue, but it is inapplicable here as NRS 107.”
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