Full question:
On 11/07/2008, 2 documents were recorded. (1) Notice of Breach and Default (2) Notice of rescission of Declaration of Default and Demand for Sale and of Notice of Breach and Election to Cause Sale. Both dated and stamped the same day and time. I did not receive notice of either. What does the rescission really mean?
- Category: Contracts
- Subcategory: Recission
- Date:
- State: Nevada
Answer:
This situation likely involves a foreclosure action on real property. If a deed of trust or mortgage includes a power of sale clause, the lender must follow specific procedures. A notice of default and election to sell must be mailed certified, return receipt requested, to the borrower at their last known address on the date it is recorded. Additional postings and advertisements must follow the same rules as for an execution sale in Nevada.
After the notice of default is recorded and mailed, the borrower typically has fifteen to thirty-five days to cure the default by paying the overdue amount. The exact time frame depends on the original deed of trust. If an intent to cure is filed with the Public Trustee's office within this period, the foreclosure process stops. A notice of foreclosure sale must be issued within twenty-one days of the sale, following the terms outlined in the notice of default.
In this context, rescission means to cancel a previous notice. This could happen if the borrower paid the overdue amount to bring the loan current, or if the lender made an error regarding the amount due. It’s advisable to consult a local attorney who can review the specific facts and documents involved.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.