Legal Question in Real Estate Law in Nevada

Your loan agreement will usually set forth the applicable State law governing the lender's and borrower's rights in the event of a foreclosure. The difference between the State laws of California and Nevada may affect your important legal rights and responsibilities. In the event your loan agreement does not limit recourse to your personal assets, upon default your lender may, in one lawsuit, collect its entire claim out of a borrower's or guarantor's personal assets. The lender may, in some cases, foreclosure first and after foreclosure, if the foreclosure sale proceeds are insufficient to satisfy all of the sums due, pursue the borrower or guarantor personally for any deficiency in a court of law.

Your attorney can explain further.