Legal Question in Real Estate Law in Nevada

Re: foreclosure collections

In Nevada a mortgage company (holder of a trust deed) can sue a defaulting borrower for the difference between the lesser of what is owed on the real estate and either what the real estate was sold for in foreclosure or its fair market value at the time of foreclosure. In my experience most of the time mortgage companies don't bother to attempt this. The mortgage company would first have to get a judgment against you in a court action before it could seize (execute) upon any of your other assets. If the mortgage company is going for a deficiency judgment (the amount by which the money owed them exceeds the value of the real estate) expect to see that in the foreclosure papers which are filed in court.