Foreclosure in Las Vegas>Question Details

Rachel Wentw…, Other/Just Looking in Las Vegas, NV

Are lenders pursuing deficiency judgments in Nevada?

Asked by Rachel Wentworth, Las Vegas, NV Wed Jan 28, 2009

If you have already been foreclosed or know someone who has, are the lenders pursuing any deficiency judgment? Nevada law requires that lenders have 3 months from the date of foreclosure sale to sue for the deficiency, but from what I'm hearing the lenders are not aggressively suing. Have you or anyone you know actually been sued for any deficiency?

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3
Hey Rachel,

I have not had any clients get foreclosed on, so I cannot give you an accurate answer. Most people in that situation usually attempt a short sale on their property. We then get them approved and the liability is released from the homeowner. Plus their credit is saved from foreclosure. If this may be an option for you, you are moer than welcome to call me and I will be happy to discuss the process with you. Short selling is a much better option than foreclosure. Good luck!

Len McGuirk
Short Sale Specialist
Prudential Americana Group
Cell: (702) 203-6688
1 vote Thank Flag Link Wed Jan 28, 2009
Rachel, I've heard that some are suing for deficiency. Also note that some loans are "recourse" and some are "non-recourse." First mortgages are generally secured by the property only and tend to be non-recourse. 2nd mortgages and particularly cash-out or equity loans are almost always recourse--they can sue you and attach judgments to other property, personal or otherwise. If you only had one mortgage on a property, you are probably "safer" from a lawsuit. Also, if you have no assets it probably isn't worth their while to sue.


Please note that I am not a lawyer but I play one on TV. Contact a licensed attorney for actionable advice.
0 votes Thank Flag Link Wed Jan 28, 2009
As far as we have seen, not yet. We have not heard of any, but that does not mean they won't.
0 votes Thank Flag Link Wed Jan 28, 2009
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