Legal Question in Credit and Debt Law in Nevada
collecting a personal loan
about a year ago I lend 20K, he promised to pay 24K back, and secured it with a lien in his house. The loan was supposed to be paid in two months, How do I suit him and can I garnished wages and/or bank accounts?
2 Answers from Attorneys
Re: collecting a personal loan
Under Nevada law, if you secure a debt by obtaining a lien on real property, you may lose the lien if you do no first foreclose the lien to obtain satisfaction of the debt. A lawsuit that does not seek to foreclose the lien may invalidate the lien and reduce your security.
Your attorney can explain further.
Re: collecting a personal loan
Hire a company for about $1800 to do a foreclosure. This will be added to the amount he owes you. If the house is sold and you do not get paid in full, you will have to sue him.
Go to the law library to get the forms to sue. If you need help, you may email me.
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