Legal Question in Real Estate Law in Nevada
I bought a loan notes collateral to a mutifamily property in an auction. How should I proceed from here ?
Asked on 6/28/10, 2:26 pm
1 Answer from Attorneys
Jeffrey Cogan
Jeffrey A. Cogan, Esq., Ltd.
I hope you have an appropriate security interest. The seller of the Notes should have given you an assignment of the Deed of Trust. If the seller didn't, you will have no way to foreclose in the event of a default, you could only sue to get paid. If the borrower files for bankruptcy, you get nothing.
If you have the assignment of the deed of trust, you need to record it with the county recorder and I will send a copy of the recorded document to the borrower too. In the event of a default, with a properly recorded deed of trust, you can foreclose to get paid.
If you any other questions, you can email me at [email protected]
Answered on 6/29/10, 10:26 am