Legal Question in Real Estate Law in Nevada

Forcloser on home

I have a house in Nevada and I live in Texas. The propery has been for sale for three years and has not sold. I have tried to do a deed in lieu of forcloser but the mortgage company says that since it is now a rental it is classified as investment property and HUD won't ok me giving the property back to the mortgage company. What will happen if I stop payments and the property is forclosed on?

Thank you


Asked on 8/24/00, 5:20 pm

1 Answer from Attorneys
Lawrence Maun Lawrence J. Maun, P.C.

Re: Forcloser on home

Generally real property issues are governed by the laws of the state in which the real estate is located. In your case a foreclosure on the house would be governed by Nevada law. Any deficiency, that is if the house is sold for less than what is owed on the note, would be your obligation. The issue usuallly is, in Texas anyway, whether the foreclosure price was fair and reasonable. In some states other than Texas, I don't know about Nevada, a suit must be filed to foreclose and included in that suit is a request for judgement against the note obligor for the amount due on the note, less any foreclosure proceeds.

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Answered on 9/29/00, 10:38 am


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