What does the rescission mean?

02/09/2009 - Category:Contracts - Recission - State: NV #15209

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?

Answer:

I'm assuming this relates to a foreclosure action on real property by a lender.

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

A copy of the 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 the notice is recorded in the county where the property is located. Any additional postings and advertisements must be done in the same manner as for an execution sale in Nevada.

Beginning on the day after the notice of default and election was recorded with the county and mailed to the borrower, the borrower has anywhere from fifteen (15) to thirty five (35) days to cure the default by paying the delinquent amount on the loan. The actual amount of time given is dependent on the date of the original deed of trust. The foreclosure will stop if an intent to cure is filed with the Public Trustees office within this time frame.

A notice of foreclosure sale must be made within 21 days of the date of the sale and at a time, place and manner as stated in the notice of default. Sale must take place in the same manner as an execution sale would occur in a judicial foreclosure.

Recission generally means to cancel something. It may be that a notice of default was cancelled due to the borrower paying the delinquent amount to bring the loan current or the lender made a mistake about the past due amount. I suggest contacting a local attorney who can review all the facts and documents involved.



Please see the information at the following links:

http://definitions.uslegal.com/c/contracts-recission/
http://definitions.uslegal.com/b/breach-of-contract/
http://definitions.uslegal.com/n/notice-of-default/
http://definitions.uslegal.com/f/foreclosure/
http://lawdigest.uslegal.com/real-estate-laws/foreclosure/
http://www.uslegalforms.com/us/US-0513LTR.htm
http://www.uslegalforms.com/us/US-0784LTR.htm
http://www.uslegalforms.com/us/US-0510LTR.htm
http://www.uslegalforms.com/us/US-0509LTR.htm
http://www.uslegalforms.com/us/US-01690BG.htm
http://www.uslegalforms.com/us/US-01681BG.htm
http://www.uslegalforms.com/us/US-01680BG.htm

02/09/2009 - Category: Recission - State: NV #15209

See more Questions in the Recission Category