In some circumstances, the law in Nevada allows the bank or other lender to seek the difference between the sale price of a foreclosed property and the amount owned on the mortgage loan. The lender has 6 months to seek a deficiency judgment after the foreclosure sale is concluded. In some circumstances, lenders may have 6 years to pursue deficiencies. These judgments are most common in foreclosure sales involving a large unpaid balance.
At The Schwartz Law Firm in Las Vegas, our lawyers help clients defend against deficiency lawsuits. Banks and other lenders can sue for breach of contract, alleging that the homeowner did not pay what was owed on the mortgage contract after a foreclosure sale.
The threat of a deficiency judgment is one of the reasons why a short sale is better than foreclosure — in most short sales, a deficiency judgment is not an option for lenders. Our experienced and knowledgeable attorneys advise clients about their options. If a foreclosure is unavoidable, our law firm will defend clients against any deficiency judgment a lender seeks.
At The Schwartz Law Firm, we will assess your unique financial situation, ask the right questions and explain the legal and financial alternatives available in clear and understandable language. Contact us to learn more about our bankruptcy, foreclosure and corporate services.
We have Spanish-speaking staff to assist those who communicate best in Spanish.
"Since the first day we met you, you have taken the pressure from us and guided us through this whole foreign process. Sam and Brian are wonderful and I think that trickles down into the rest of the office staff. I cannot say enough about your law firm and the people in it!!! You were right about everything. Brian was so on it yesterday. I was saying a little prayer the whole time but he is wonderful as well and reassured us everything was going to be ok. He just guided us along, so we knew what to expect."
- Shawn R.
"Schwartz Law firm did an incredible job of handling the sale of our home. They handled our biggest fear of managing the negotiation with the big bank, and simplified what could have been a frightening process for our family. Without their help, I do not believe we would have been able to negotiate the sale of our house in this economic environment. No one should try a workout directly with a bank without their help."
- Bob D.
"I just wanted to say THANK YOU for all of your hard work, organization and vast knowledge in helping us with our bankruptcy. I know we are not completely done yet but I did not want you to go on leave without letting you know what a wonderful help you have been. You are so calm and patient and make us feel like we are the only client you are working on. Your whole office is incredible."
- Shawna R.