Foreclosure timeline with Jesse Keenan: Episode #353
Todd: So hello everybody. Todd Miller here, here with Jesse Keenan, one of the agents at Nevada Realty Solutions. Jesse, thanks for being on today.
Jesse: Thank you Todd.
Todd: OK. You’re a specialist in what I call people who were close to being foreclosed on.
Todd: You help those people out.
Todd: OK. The timeline is important. So let’s start with notice of default. What is it and when can it be filed and how would a person know?
Jesse: Usually that person does know without a shadow of a doubt when they get the notice of default. By law they have to publish it in Nevada Legal News. They usually put a letter on the door with a blue tape.
Todd: OK. That’s the way they’re going to see it, right?
Jesse: They will get a letter under the door with blue tape and they will get a letter in the mail at their current address wherever they are.
Todd: But if it shows up in the Nevada Legal News, and they go, “Oh, well I never saw a posting,” it doesn’t matter.
Jesse: It is posted. They cannot – by law, they cannot even file a notice of default without posting it publicly and they always use Nevada Legal News.
Todd: And they take pictures of it probably so they can verify they posted it.
Todd: OK. So they file the notice of default. A lot of people freak out and they move out of the house.
Jesse: Some of them do. But because of the last few years with the AB-284 law and what have you, people have been riding that legal issue and what have you and the banks haven’t been foreclosing on the properties.
Jesse: But right now, they are foreclosing. We got 900 properties going to sale every month.
Todd: Every month, OK. So they file a notice of default. How long – how many days until the notice of trustee sale can be filed?
Jesse: It has been longer than 90 days but legally it cannot be no less than 90 days.
Todd: So 90 days from the day they file it, they can file a notice of trustee sale and on that it has – actually it has the date that it’s going to go to sale at basically the court house, right?
Jesse: Correct. Twenty-one days after, they file the notice of trustee sale. Usually it does go to the sale at the auction.
Todd: So 21 days.
Jesse: Twenty-one days.
Todd: So it could go fast.
Jesse: It can go extremely fast and the banks have been choked around a lot for the past two or three years here in Las Vegas and Nevada and they are just foreclosing properties as fast as they can right now.
Todd: OK. But you can get them stopped.
Jesse: I can stop it.
Todd: So, tell them how that works. What do they have to do to get that stopped?
Jesse: We take a listing on the property and we got a purchase agreement on the property already. We have our investors or what have you and we purchase the property and we stop it right there. We submit that, a complete package to the bank, and that stops. The bank would rather short sale the property than foreclose them.
Todd: OK. So you have investors ready to buy. You just list the property. You get an offer that the bank will accept. They do a short sale. Do the people out there typically have any debt or do they have to pay anything at the very end? Is there – like do they owe the bank the difference?
Jesse: You’re talking about deficiency judgment.
Jesse: We get the deficiency judgment waived.
Todd: OK. So if it can’t be waived, then they don’t have to go through this.
Jesse: We haven’t had one not be waived.
Todd: They all get waived.
Jesse: They all get waived.
Todd: OK. If somebody wants to get a hold of you because they’re upside down or whatever the situations, they’re getting close to being foreclosed on, how do they do that? What’s the best way they can get in touch with you?
Jesse: Text me, call me, email me. My contact information is on the website. It’s LVExtremeRealEstate.com.
Todd: What about your phone number?
Jesse: My phone number is 702-400-9266 and I’m on Google.
Jesse: I’m all over and trying my best there to get out there, so that others can find me.
Todd: I will put his information below that. I am his broker. He is an agent here and I can confirm what he’s saying. He can do all this. Jesse thanks so much.
Jesse: Thank you Todd.
Todd: That’s the update for today and hope to see you on another video.