NRS 319.220
Mortgages in default: Foreclosure

  • modification of terms.
The Division may:

1.

Renegotiate, refinance or foreclose, or contract for the foreclosure of, any mortgage in default;

2.

Waive any default or consent to the modification of the terms of any mortgage;

3.

Commence any action to protect or enforce any right conferred upon it by any law, mortgage, contract or other agreement;

4.

Bid for and purchase property upon which it holds a mortgage at any foreclosure or at any other sale, or acquire and take possession of any such property;

5.

Operate, manage, lease, dispose of and otherwise deal with such property in such manner as may be necessary to protect the interest of the Division and the holders of its bonds, notes and other obligations; and

6.

Consent to any modification with respect to rate of interest, time and payment of any installment of principal or interest, security or any other term of any contract, mortgage, mortgage loan, mortgage loan commitment, contract or agreement of any kind to which the Division is a party, subject to any agreement with bondholders or noteholders.

Source: Section 319.220 — Mortgages in default: Foreclosure; modification of terms., https://www.­leg.­state.­nv.­us/NRS/NRS-319.­html#NRS319Sec220 (accessed May 26, 2025).

319.020
Legislative findings and declaration 319.030
Definitions. 319.040
“Administrator” defined. 319.042
“Affordable housing” defined. 319.045
“Collateralized mortgage obligation” defined. 319.050
“Division” defined. 319.060
“Eligible family” defined. 319.070
“Governmental agency” defined. 319.090
“Lending institution” defined. 319.100
“Mortgage” defined. 319.110
“Mortgage loan” defined. 319.115
“Person with a disability” defined. 319.120
“Real property” defined. 319.130
“Residential housing” defined. 319.135
“Sponsor” defined. 319.140
General powers and duties of Division 319.141
Housing Advocate: Creation of position 319.143
Division required to create and maintain statewide low-income housing database 319.145
Designation as housing credit agency 319.147
Certification of assisted living facilities: Requirements 319.167
Division may enter into instruments, agreements and other transactions for certain purposes. 319.169
Account for Housing Inspection and Compliance: Creation 319.170
Funds and accounts 319.171
Investment in collateralized mortgage obligations or trusts. 319.172
Authority to make loans of investment securities. 319.173
Advisory Committee on Housing: Creation 319.174
Advisory Committee on Housing: Creation 319.190
Authority to make loans and issue letters of credit. 319.200
Terms and conditions of mortgage loan. 319.210
Investment in mortgages. 319.220
Mortgages in default: Foreclosure 319.230
Loans to or purchase of securities from lending institutions 319.235
Financing rental sites for mobile homes and equipment for conservation of energy in residential dwelling units. 319.240
Lending fees and charges. 319.250
Insurance. 319.260
Prerequisites to financing residential housing. 319.265
Requirements for regulations adopted by Division that establish program for financing certain residential housing projects. 319.267
Duty of certain owners of residential housing to submit quarterly report to Aging and Disability Services Division of Department of Health and Human Services. 319.270
Notes and bonds: Issuance 319.290
Notes and bonds: Pledges as security. 319.300
Bonds: Trust indentures as security. 319.310
Notes and bonds: Guarantees of payment. 319.320
Notes and bonds: Redemption 319.323
Issuance of collateralized mortgage obligations 319.325
Division may provide that bonds, notes or loans be insured or secured 319.327
Exemption of interest on Division’s bonds from federal income taxation: Waiver 319.330
Refunding obligations: Issuance, sale and exchange. 319.340
Bond reserve funds: Establishment 319.350
Bond reserve funds: Limitations. 319.360
Bond reserve funds: Purpose 319.370
Remedies of bondholders and noteholders. 319.380
Pledge against impairment of holders’ rights and remedies 319.390
Notes and bonds as legal investments. 319.500
Creation 319.510
Use and distribution of money in Account. 319.520
Regulations concerning distribution and use of money in Account 319.530
Pets must be allowed in housing acquired, constructed or rehabilitated with money from Account 319.900
False statements

May 26, 2025

§ 319.220. Mortgages in default: Foreclosure's source at nv​.us