The following is not meant as legal advise or legal opinion. You need to chat with a Real Estate Attorney in your state.
In NV, the Bank/Investor has a very limited time to change the name to the Buyer at the foreclosure sale. If the Bank/Investor takes it back, the property needs to be placed in the Bank/Investor's name quickly to avoid violation of NV state law.
As long as your name is on the Deed, you are the responsible person of the property. You are the legal owner of the property. You owe the HOA dues, maintenance, and mandated utilities such as sewer. I suggest you have insurance to protect yourself for issues connecting you to the property.
Many times the Bank/Investor will not complete the foreclosure process so they are not responsible for the items above even if there is no sale at the "Foreclosure Sale". It was very common here that the foreclosure process did not complete and the Owner of the property was still the Owner after the sale. I would go tot he Bank and negotiate a deal to short sell the property or have the Owner offer a payment plan to keep the property.
In addition, the Bank/Investor will have to pay recording fees as well as a transfer tax upon taking possession of the property. Lots of $$ is saved by the Bank if they do not transfer the title after a sale.
Once the Bank takes the property, there can be a broken chain of Title which leads to the inability of obtaining Title Insurance for the property to be resold.
Even though the Bank is responsible for the property, nobody knows it without proper recording of the new ownership. It almost impossible for legal authorities to contact the Bank/Investor to enforce codes and compliance problems. Meanwhile, you get the bills and liens in your name.
Most people that have had a foreclosure have lots of $$ so paying these bills and supporting the property that they do not own is not an issue. Just keep paying the bills.
I hope this helps.
Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.
See my new web site. http://www.teamgoldman.info
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The Brodkin Group
Steven Goldman, CRS
Certified Distressed Property Expert (CDPE)
Certified Default Advocate (CDAT)
Certified Short Sale Professional (CSP)
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Realty One Group
10750 W. Charleston #180
Las Vegas, NV 89135