Legal Question in Real Estate Law in Nevada

Re: cant afford both

Nevada law does allow a mortgage lender to go after someone who defaults on a mortgage and get a deficiency judgment.

However, as a practical matter, most lenders don't do this. Many lenders will agree to your giving back the property quickly and in good condition and in exchange they will promise not to go after you for additional money if the mortgage balance is greater than the value of the house.

Nevada law allows attorneys and others to charge a fee to help mortgage holders negotiate with their lenders. However, there are many scammers in this field. If you want to hire a professional to help you negotiate with your mortgage company I strongly recommend that you seek out an attorney or licensced real estate agent. Someone with a valuable license to protect is less likely to scam you. Both the state bar and state board of realtors can tell you if a professional you are considering using is in good standing with the state regulatory board.