Delinquencies and Foreclosures

According to Nevada Revised Statutes, the Assessment Ordinance, and the Bond Indenture, assessments are delinquent the day after the due date. A two percent monthly penalty will be added to delinquent assessments. The penalty is a monthly penalty and is not prorated. Monthly penalties are added after each due date until the balance is paid in full. A delinquent bill is mailed at the first of each month to the recorded owner using the address from the County Assessors Office. It is the responsibility of the owner to maintain a current and correct address at the County Assessor's Office. All delinquent bills will be mailed via certified mail, return receipt.

The municipality is required to commence foreclosure proceeding for the collection of delinquent assessments. Within sixty days the municipality will prepare a Resolution for Notice of Sale to be approved. A foreclosure fee will be charged to all parcels during the third delinquent month. A Lot Book will be done on all delinquent parcels in foreclosure. At least twenty days prior to the sale, a Notice of Sale will be mailed to the parcel owner and all parties with a recorded interest in the property. At least 15 days prior to the sale, the Notice of Sale will be published in the local newspaper. The Notice of Sale will be published once a week for three consecutive weeks.

At any time prior to the day of sale, the owner may pay the amount of delinquent installments, with accrued interest, all penalties, and costs of collection accrued, including but not necessarily limited to any attorney's fees, and thereupon shall be restored to the right thereafter to pay in installments in the same manner as if the default had not been made.

If any delinquency is not cured by the day of sale, the parcel will be foreclosed upon. On the day of sale, the parcel will be sold to the first person willing to pay the delinquent assessment, accrued interest, all penalties and costs of collection accrued, including by not necessarily limited to any attorney's fees. The first person is determined by the show of hands at the sale. If more then one person wants the same parcel, the municipality will draw buyer numbers to determine the buyer. The buyer then has until 10:00 a.m. of the next business day to pay. When payment is made, a Certificate of Sale is recorded against the property.

To redeem the property the owner, or his grantee, mortgage, heir or other representative must pay the amount on the Certificate of Sale plus monthly interest of one percent (12 percent per annum) for every month the buyer holds the Certificate of Sale. The monthly interest of one percent is not prorated. If there is a permanent residential dwelling or any other significant permanent improvements on the property or as determined by the governing body, the redemption period is two years. All other cases are 120 days.

If the owner, or his grantee, mortgage, heir or other representative with the foreclosed property does not redeem the Certificate of Sale within the redemption period, the Certificate holder can demand the deed to the property. Certificate holder redemption information can be obtained by contacting AMG.

NOTE: The information presented here is intended for general information purpose and is subject to interpretation and error. Readers may not rely upon this information as legal advice. Any person seeking legal guidance should seek qualified legal counsel.