Nevada § 107.520 - Application for foreclosure prevention alternative; acknowledgment of receipt required; contents of acknowledgment; deficiencies in application
Full text of Nevada Nevada Revised Statutes § 107.520 — Application for foreclosure prevention alternative; acknowledgment of receipt required; contents of acknowledgment; deficiencies in application, with citation guidance and answers to common questions.
§ 107.520. Application for foreclosure prevention alternative; acknowledgment of receipt required; contents of acknowledgment; deficiencies in application
1. Not later than 5 business days after receiving an application for a foreclosure
prevention alternative or any document in connection with such an application, a mortgage
servicer, mortgagee or beneficiary of the deed of trust shall send to the borrower
written acknowledgment of the receipt of the application or document. 2. The mortgage servicer, mortgagee or beneficiary of the deed of trust shall include
in the initial acknowledgment of receipt of an application for a foreclosure prevention
alternative: (a) A description of the process for considering the application, including, without
limitation, a statement that: (1) The mortgage servicer, mortgagee or beneficiary must either deny the application
for a foreclosure prevention alternative or submit a written offer for a foreclosure
prevention alternative within 30 calendar days after the borrower submits a complete
application for a foreclosure prevention alternative; and (2) If the mortgage servicer, mortgagee or beneficiary submits to the borrower a written
offer for a foreclosure prevention alternative, the borrower must accept or reject
the offer within 14 calendar days after the borrower receives the offer, and the offer
is deemed to be rejected if the borrower does not accept or reject the offer within
14 calendar days after the borrower receives the offer; (b) A statement of any deadlines that affect the processing of an application for
a foreclosure prevention alternative, including, without limitation, the deadline
for submitting any missing documentation; and (c) A statement of the expiration dates for any documents submitted by the borrower. 3. If a borrower submits an application for a foreclosure prevention alternative but
does not initially submit all the documents or information required to complete the
application, the mortgage servicer must: (a) Include in the initial acknowledgment of receipt of the application required by
subsection 2 a statement of any deficiencies in the borrower's application; and (b) Allow the borrower not less than 30 calendar days to submit any documents or information
required to complete the application.
Frequently Asked Questions About Nevada § 107.520
What does Nevada Revised Statutes § 107.520 cover?
Section 107.520 ("Application for foreclosure prevention alternative; acknowledgment of receipt required; contents of acknowledgment; deficiencies in application") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 107.520?
A common citation format is "Nevada Revised Statutes § 107.520" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 107.520 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.