Assembly Bill No. 471 changes who may be awarded a deficiency judgment in Nevada.
In the state of Nevada, it has been possible for a borrower to receive a deficiency judgment even after they’ve already lost their home to foreclosure. Effective October 1, 2009 Assembly Bill No. 471 addresses this issue by limiting who may be awarded a deficiency judgment relating to real property. Below are a few portions of the Assembly Bill that I believe are of importance, to view the entire Bill, please visit: http://www.leg.state.nv.us/75th2009/Reports/history.cfm?ID=912
Legislative Counsel’s Digest:
Section 2 of this bill provides that if the judgment creditor or the beneficiary of the deed of trust is a financial institution, a court may not award a deficiency judgment to the judgment creditor or the beneficiary of the deed of trust if: (1) the real property is a single-family dwelling and the debtor or grantor was the owner of the property; (2) the debtor or grantor used the loan to purchase the property; (3) the debtor or grantor occupied the property continuously after obtaining the loan; and (4) the debtor or grantor did not refinance the loan
Section 3 of this bill provides that the amendatory provision of this bill apply only prospectively to obligations secured by a mortgage, deed of trust or other encumbrance upon real property on or after the effective date of this bill.
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
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