Legal Question in Real Estate Law in Nevada
Foreclosure Equity
If a lender sells a home in a foreclosure auction & they sell it for more than what the borrower owed them, is the borrower due the difference from the lender?
example - borrower gets loan on home for $150,000
borrower defaults 2 years later home now sells at auction for $300,000
what happens to the $150,000? is borrower entitled to any or all of the ''excess'' $ above what was initially borrowed?
2 Answers from Attorneys
Re: Foreclosure Equity
That is why people buy houses at auctions. To sell them at a profit. You would only get extra on the auction purchase, not on the sale thereafter.
Re: Foreclosure Equity
The Nevada law on point is found here: http://www.leg.state.nv.us/NRS/NRS-107.html#NRS107Sec080
The specific language barring an upside claim by a sold-out borrower is "5. Every sale made under the provisions of this section and other sections of this chapter vests in the purchaser the title of the grantor and his successors in interest without equity or right of redemption."
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