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

Las Vegas, NV |

home is in colorado

Attorney Answers 3

Posted

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.

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Cheryl Rivera Smith

Cheryl Rivera Smith

Posted

Also, 1 car per person might be an exempt asset.

Posted

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.

Regards,
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 you retain me as your attorney for actual legal services and legal advice. I offer free in-person consultations so feel free to contact me offline by email or phone. If you like my answer, please hit the thumbs up button.

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Posted

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.

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