In a foreclosure situation-public auction of property planned in month- can they take away our 2 cars to fufill the amt owed on

Asked almost 2 years ago - Las Vegas, NV

home is in colorado

Attorney answers (3)

  1. 2

    Lawyers agree

    Answered . If you live in Las Vegas and the creditor gets a judgment against you in Colorado, they'll need to enforce the judgment in Nevada if they want to try to take your cars. Nevada exemptions provide for protection up to $15k in equity in one car (two if you are married.)

    Take a look at NRS 21.090.

    WIlliam Devine, II
    Rainey Devine

    I am an attorney, just not your attorney (yet). Any answers here are to be deemed informational unless and until... more
  2. 2

    Lawyers agree

    Answered . Some states issue a "deficiency judgment" after auction; in others, the creditor have to sue separately. In some, it isn't possible, at least for primary residences. This will depend upon Colorado law.

    Depending upon the note terms, you might be sued either here or there, or the Colorado judgment can be filed here.

    Our vehicle exemptions are generous ($15k/person), and you can also file bankrutpcy.

  3. 1

    Lawyer agrees

    Answered . Not immediately. First they would have to sue you for a deficiency, if there is one. If a deficiency judgment is issued they may try to go after other assets, but certain assets would be exempt. If that is a possibility, you should see a bankruptcy attorney.

Related Topics

Property foreclosure

If you miss too many mortgage payments, your lender can start foreclosure proceedings to take ownership of the property, but it has to follow your state's laws.

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