Don’t mistake a foreclosure with forgiveness of debt.
NRS 40.455 Deficiency Judgment
Many people make the mistake in thinking that because their lender foreclosed on their home, that they no longer owe on their debt. This is dangerous misconception. In the state of Nevada (check your state laws) after your lender forecloses, they may file a deficiency judgment against you.
NRS 40.455:
Deficiency judgment: Award to judgment creditor or beneficiary of deed of trust.
1. Upon application of the judgment creditor or the beneficiary of the deed of trust within 6 months after the date of the foreclosure sale or the trustee’s sale held pursuant to NRS 107.080, respectively, and after the required hearing, the court shall award a deficiency judgment to the judgment creditor or the beneficiary of the deed of trust if it appears from the sheriff’s return or the recital of consideration in the trustee’s deed that there is a deficiency of the proceeds of the sale and a balance remaining due to the judgment creditor or the beneficiary of the deed of trust, respectively.
2. If the indebtedness is secured by more than one parcel of real property, more than one interest in the real property or more than one mortgage or deed of trust, the 6-month period begins to run after the date of the foreclosure sale or trustee’s sale of the last parcel or other interest in the real property securing the indebtedness, but in no event may the application be filed more than 2 years after the initial foreclosure sale or trustee’s sale.
(added to NRS by 1969, 573; A 1979, 450; 1985, 371; 1987, 1345)
Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com
Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
complex post. due one detail where I quarrel with it. I am emailing you in detail.
I look forward to recieving your email, however I do not understand what detail you quarrel with as this post is an exact copy of NRS 40.455.
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