319.220 - Mortgages in default: Foreclosure; modification of terms. - Nevada Statutes

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.

      (Added to NRS by 1975, 629)