Nevada § 40.463 - Agreement for assistance in recovering proceeds of foreclosure sale due to debtor or successor in interest; requirements for enforceable agreement; fee must be reasonable

§ 40.463. Agreement for assistance in recovering proceeds of foreclosure sale due to debtor or successor in interest; requirements for enforceable agreement; fee must be reasonable

1. Except as otherwise provided in this section, a debtor or the debtor’s successor

in interest may enter into an agreement with a third party that provides for the third

party to assist in the recovery of any balance of the proceeds of a foreclosure sale

due to the debtor or the debtor’s successor in interest pursuant to paragraph (d)

of subsection 2 of NRS 40.462 . 2. An agreement pursuant to subsection 1: (a) Must: (1) Be in writing; (2) Be signed by the debtor or the debtor’s successor in interest; and (3) Contain an acknowledgment of the signature of the debtor or the debtor’s successor

in interest by a notary public; and (b) May not be entered into less than 30 days after the date on which the foreclosure

sale was conducted. 3. Any agreement entered into pursuant to this section that does not comply with subsection

2 is void and unenforceable. 4. Any fee charged by a third party for services provided pursuant to an agreement

entered into pursuant to this section must be reasonable. A fee that exceeds $2,500, excluding attorney's fees and costs, is presumed to be

unreasonable. A court shall not enforce an obligation to pay any unreasonable fee, but may require

a debtor to pay a reasonable fee that is less than the amount set forth in the agreement. 5. A third party may apply to the court for permission to charge a fee that exceeds

$2,500. Any third party applying to the court pursuant to this subsection has the burden

of establishing to the court that the fee is reasonable. 6. This section does not preclude a debtor or the debtor’s successor in interest from

contesting the reasonableness of any fee set forth in an agreement entered into pursuant

to this section. 7. As used in this section: (a) “ Creditor ” means a person due an obligation being enforced by a foreclosure sale conducted

pursuant to NRS 40.451 to 40.463 , inclusive. (b) “ Debtor ” means a person, or the successor in interest of a person, who owes an obligation

being enforced by a foreclosure sale conducted pursuant to NRS 40.451 to 40.463 , inclusive. (c) “ Third party ” means a person who is neither the debtor nor the creditor of a particular obligation

being enforced by a foreclosure sale conducted pursuant to NRS 40.451 to 40.463 , inclusive.