Is Nevada a 1 Action State?
Submitted by chefcarlisle on Thu, 07/24/2008 - 11:25pm.
I have a 1st and a 2nd loan on a house that has gone into forclosure and been sold in Nevada. The 1st has forclosed and sold the property the second is coming after me for 91K. Both Mortgage Companies told me that Nevada is a 1 action state. Now they are saying different. The second says it will settle for 41K. Will they go lower than that if I have to pay this?
Comments:
It is a one action state, but both lenders each get that one action. So if the first foreclosed, the 2nd is still allowed there one action and can certainly come after you from my understanding of Nevada laws on deficiency (though remember I'm NOT an attorney).
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