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Foreclosure and deficiency judgment under NV foreclosure law and procedures

Las Vegas, NV |

After a home is sold at a foreclosure auction how long does a lender have the right to seek a deficiency judgement against you for whatever the shortage is? Is there a statue of limitations on this?

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Attorney answers 1


Generally, a non-judicial forclosure in most states extinguishes the rights to seek a deficiency judgement. This is because lien forclosures constitute an election to forclose on the property rather than proceeding on the promissory note. However, it would depend on the documents that you signed and the law of your jurisdiction. You need to see a lawyer regarding the legal consequences and laws in Nevada. I will tell you that it is EXTREMELY rare for banks to proceed on deficiency judgments and that it is only done in Oregon when Judicial forclosures are filed--which is also rare based on the costs and the debtors extra rights of redemption.

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