Las Vegas Foreclosure Deficiency Attorney
Nevada Attorney Defending Against Deficiency Judgments
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.
Experienced Short Sale and Foreclosure Lawyers
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. Many banks do not file the deficiency judgments to which they are entitled; they know that the former homeowner does not have the resources to pay the judgment.
Why a Short Sale Is Better Than Foreclosure
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.
