645F.340 - “Foreclosure reconveyance” defined.
645F.340 “Foreclosure reconveyance” defined.
1. “Foreclosure reconveyance” means a transaction that involves:
(a) The transfer of title to a residence in foreclosure by a homeowner during a foreclosure proceeding by:
(1) The transfer of an interest in the residence in foreclosure from the homeowner; or
(2) The creation of a mortgage or other lien during the foreclosure process that allows the acquirer to obtain title to the residence in foreclosure by redeeming the property as a junior lien holder; and
(b) The subsequent conveyance, or promise of a subsequent conveyance, of an interest in the residence to the former homeowner by the acquirer, or a person acting in concert with the acquirer, that allows the former homeowner to remain in possession of the residence following the completion of the foreclosure proceeding.
2. As used in this section, “interest in the residence” includes, without limitation, an interest in a contract for a deed, a purchase agreement, and an option to purchase or lease.
(Added to NRS by 2007, 2855)