Silver State Trustee Services, LLC (SSTS), is a full service Lien and Foreclosure Company specializing in the recovery of delinquent assessments owed to the homeowners associations. We offer the highest quality of service throughout the process from Intent to Lien warning letters to conducting the Foreclosure Sale. We also monitor bankruptcies and lender foreclosures. Our procedures are in strict accordance with the Nevada Revised Statutes (NRS), Nevada Administrative Code (NAC), Fair Debt Collections Practices Act (FDCPA) and the association's Covenants, Conditions and Restrictions (CC&R's).
The first step of sending a lien warning letter may be done by either, the Board of Directors, the managing representative or SSTS. It is a letter advising the homeowner that their account is seriously delinquent and if the homeowner declines this opportunity to bring the account current, a lien will be recorded against the property with the ultimate possibility of it being foreclosed upon. SSTS sends this letter via US Mail certified return receipt and regular postage.
When a file is sent to SSTS for lien processing, we pull a property profile to assure that the owner of record is the owner that is reflected in the association records. We review the CC&Rs of the association as well as the account history of the delinquent homeowner to insure that all information is in accordance with the NRS 116, the FDCPA and the association's governing documents. We also access a nationwide search for any other known addresses for the owner. We then begin the lien and foreclosure process.
Notice of Delinquent Assessment
Is a recorded lien against the property that protects the association's interest in the unit. The lien clouds the title so that in the event that the owner tries to transfer title by means of a close of escrow, they would have to pay the delinquency in order to clear the title.
SSTS prepares, notarizes, and records the lien on behalf of the association. The lien includes the amounts owed to the association in assessments, late fees, interest and penalties, as well as all costs and fees assessed by SSTS for the lien processing.
We send the lien and a letter notifying the owner of the account status via certified return receipt and regular mail to all known addresses of the owner. An affidavit of mailing is completed at the time of the mailing.
The delinquent owner is given notice that they must cure the lien within thirty (30) days of its recording in order to avoid foreclosure.
Notice of Default
A Notice of Default and Election to Sell is the initial enactment of the foreclosure. A Trustee Sale Guarantee Policy (TSG) is purchased and formal notice is sent to all parties that have a recorded interest in the property within 10 days of the recordation of the Notice of Default.
SSTS prepares, notarizes and records the Notice of Default on behalf of the association. It includes any change in the amount that is owed to the association and SSTS. A copy of the document is distributed to all entities cited in the TSG policy via US Mail certified return receipt. An affidavit of mailing is also completed at the time of mailings.
In accordance with the NRS 116.3116, the Notice of Default has a ninety (90) day redemption period. If the homeowner fails to bring the account current or make payment arrangements within that time frame a Notice of Sale may be instituted.
If the owner has not contacted SSTS within the first 30 days of the 90 day redemption period, we will post a copy of the Notice of Default on the unit. This step is not required by any statute, but we have found that this motivates the owner to cure the delinquency.
Notice of Sale
Is the final legal warning that the unit may be sold without further notice. Included on the notice are: all amounts owning on the unit, the sale date, time and place where the sale will take place. The notice is published in a newspaper of general distribution in the county or the township where the property is located. The notice is also posted in three public places in the city or township where the property is located. Ultimately the sale is held on the date stipulated on the notice.
At this time if the association resolves to take the unit to actual sale, SSTS charges the association $1,250.00. This covers all the costs that we have incurred up to the time of taking the unit to actual sale. The association will be reimbursed if the unit is sold to a third party or if the homeowner brings the account current before the sale is held.
SSTS prepares, notarizes and records the notice and holds the sale on behalf of the association. All steps and procedures mentioned above are completed in accordance with state statutes and governing documents. The notice is sent via US mail certified return receipt to all parties. We also post the property in a final attempt to get the homeowner to respond before the home is sold. After the sale is concluded we will prepare, notarize and record the Trustee's Deed upon Sale on behalf of the association and provide a copy to the new owner and the association.
Takes place when a homeowner petitions for bankruptcy all actions taken against the property are put on an "automatic stay." This means that whatever collection action is stopped. If the bankruptcy is a Chapter 13, the homeowner must make post petition payments of assessments. A proof of claim should be filed with the US Bankruptcy Court in order to insure that the Association is included on a repayment schedule. If the homeowner fails to pay the post petition assessments, the association can call for a lift of stay or dismissal from the Chapter 13.
If the Bankruptcy is a Chapter 7, in most cases the homeowner is going for a total flush of their debts, and a proof of claim is not called for. However, the bankruptcy should be monitored, and in the event of a dismissal or discharge, the foreclosure process can start where it left off.
Super Priority Lien
NRS 116.3116 affords Homeowner Associations some relief from the financial distress caused by the lender's foreclosure. When a lender forecloses on a unit and it either reverts back to their ownership or is sold to a third party buyer the responsible entity or individual is to pay the Association 9 months of assessments that accrued prior to the date of the foreclosure sale. SSTS automatically notifies the responsible entity or individual of their obligation to the Association, and if they fail to pay the amounts they are legally responsible to then we begin the foreclosure process against the property in their name until the funds are collected at no additional charge to the Association.
Client Log In and Account Status Updates
All of our clients recieve a log in to our customized, secure data center (above right corner). Through this portal clients can check status on their accounts as needed.