Legal Question in Securities Law in California

Re: real estate

I think it's likely that Nevada law will apply, at least primarily. Your principal legal liability is that, after a foreclosure, the lender may be able to come after you for what is called a "deficiency judgment," i.e. a judgment for the amount by which a foreclosure sale failed to produce enough proceeds to pay off the loan balance plus the costs of foreclosure.

A lender's right to seek a deficiency judgment is usually dependent upon the state law of the state in which the property is situated.

Therefore, you should probably re-ask your question (1) under the "real estate law" heading, not the "securities law" heading (which has to do with things like stocks and bonds), and (2) specify Nevada law so you'll get answers from lawyers who are licensed to practice in Nevada.

Your question should also indicate whether your loan is a purchase-money loan or a refinancing loan, and if the latter, whether it was a straight re-fi or whether you took cash out. These factors might affect the lender's rights in some states.