If we were you, I would not consider any other answer than what Anna stated below. Only a real estate attorney can advise you on your rights. We would make sure they understand both CA and NV law.
Best of luck,
Mark & Kari Shea
Shea Real Estate
Couple questions for you.
Are you current or late.
Have you tried to modify.
I would talk to an attorney. You live in a different state and have assets.
Typically a purchase money loan only would not get a deficiency judgment. The lender gets One Action to get their money and they are choosing foreclosure.
If you have a second mortgage I may be a little concerned.
Volo law Group
But if the lender opts for judicial foreclosure, in theory, the lender can seek deficiency judgment. But as a practical matter, it may be hard to establish deficiency. I have a blog that explains why (link below).
My first step would be to call the bank to get their policy statement. You might get lucky but would not put a lot of hope in gettting away free.
Like others have indicated, check with an attorney that has delt with this before. Make sure they have dealt with this and it would be best if they have dealt with this issue with your bank. Not all attorney's are created equall with this issue. The attorney will have the same issue in touching base with a deceision maker as anyone else (and you will pay attorney fees while he is getting bounced around from department to department).
First Weber Group
Certified Distressed PRoperty Expert
He's the best California real estate attorney I know.
Youtube link: http://www.youtube.com/watch?v=A2r0e_QSCkA
I've sent a ton of my clients to him for guidance. He's always helpful and straightforward.
I like his direct approach since he's on your side and it's his rep on the line every time.
Don't let the property foreclose. If you are considering getting out from the property you definitely should consider a short sale. If you want to speak in more detail feel free to contact us. We also have a real estate attorney in our office.