Comments on: TGIF Legal Tip: FORECLOSURE / DEFICIENCY http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/ Darren Welsh Blog - Prudential, Americana Group, REALTORS Fri, 30 Oct 2009 06:09:54 +0000 http://wordpress.com/ hourly 1 By: Darren Welsh http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1205 Darren Welsh Wed, 21 Oct 2009 23:38:13 +0000 http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1205 With a Shortsale the lender can 'agree' to waive the remaining portion of the debt, and if there is a Second Deed, you can also get that waived. With foreclosure Lender has 6 months to file suit, Second Deed has 6 years. With a Shortsale the lender can ‘agree’ to waive the remaining portion of the debt, and if there is a Second Deed, you can also get that waived. With foreclosure Lender has 6 months to file suit, Second Deed has 6 years.

]]> By: Darren Welsh http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1204 Darren Welsh Wed, 21 Oct 2009 23:37:10 +0000 http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1204 6 years http://www.leg.state.nv.us/NRS/NRS-011.html#NRS011Sec190 NRS 11.190 Periods of limitation. 1. Within 6 years: (b) An action upon a contract, obligation or liability founded upon an instrument in writing, except those mentioned in the preceding sections of this chapter. 6 years

http://www.leg.state.nv.us/NRS/NRS-011.html#NRS011Sec190

NRS 11.190 Periods of limitation. 1. Within 6 years:
(b) An action upon a contract, obligation or liability founded upon an instrument in writing, except those mentioned in the preceding sections of this chapter.

]]> By: Darren Welsh http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1203 Darren Welsh Wed, 21 Oct 2009 23:34:21 +0000 http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1203 Yes, the 2nd deed is now a 'sold off junior lien holder (after the foreclousure). Think of it as a credit card. They have the right to sue you, pursue you, etc. Try to work a deal with them at a discount to avoid having a judgment levied against you. Yes, the 2nd deed is now a ’sold off junior lien holder (after the foreclousure). Think of it as a credit card. They have the right to sue you, pursue you, etc. Try to work a deal with them at a discount to avoid having a judgment levied against you.

]]> By: Maria http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1202 Maria Tue, 20 Oct 2009 17:57:34 +0000 http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1202 My house went into foreclosure and sold in 2009. I had multiple offers that I accepted however the 1st lein holder did not accept the offer. The 2nd lien holder approved it multiple times. On my last offer, the 1st approved it and the 2nd informed me that they transferred the loan to an attorney. The attorney wanted me to sign a promisorry note before releasing the deed. I did not agree since the 2nd approved it prior and the property went into foreclosure. Now, the 2nd and the attorney is after me for deficiency. Can they still sue for deficiency? My house went into foreclosure and sold in 2009. I had multiple offers that I accepted however the 1st lein holder did not accept the offer. The 2nd lien holder approved it multiple times. On my last offer, the 1st approved it and the 2nd informed me that they transferred the loan to an attorney. The attorney wanted me to sign a promisorry note before releasing the deed. I did not agree since the 2nd approved it prior and the property went into foreclosure. Now, the 2nd and the attorney is after me for deficiency. Can they still sue for deficiency?

]]> By: TGIF Legal Tip: Short Sale Release Language « Nevada Residential Real Property Law http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1191 TGIF Legal Tip: Short Sale Release Language « Nevada Residential Real Property Law Fri, 16 Oct 2009 18:35:50 +0000 http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1191 [...] Deficiency EXPLANATION [...] [...] Deficiency EXPLANATION [...]

]]> By: cheryl http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1189 cheryl Wed, 14 Oct 2009 19:39:08 +0000 http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1189 What is the time limit for the second to file a judgement against the foreclosed homeowner in Nv? What is the time limit for the second to file a judgement against the foreclosed homeowner in Nv?

]]> By: Alberto http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1188 Alberto Mon, 12 Oct 2009 22:10:31 +0000 http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1188 What are the main benefits of performing a short sale over letting it go to foreclosure or doing a deed-in-lieu? What are the main benefits of performing a short sale over letting it go to foreclosure or doing a deed-in-lieu?

]]> By: Darren Welsh http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1099 Darren Welsh Thu, 02 Jul 2009 20:59:37 +0000 http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/#comment-1099 Second Lien holder is allowed to sue the home owner in this scenario. The foreclosure of the first caused the second lien holder to be a 'sold off junior' with all the rights to sue the homeowner, no liimitation. Second Lien holder is allowed to sue the home owner in this scenario. The foreclosure of the first caused the second lien holder to be a ’sold off junior’ with all the rights to sue the homeowner, no liimitation.

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