Legal Question in Real Estate Law in Nevada

Foreclosure and HELOC

I live in las vegas and we just

recieved the notice of trustee sale on

our townhome that e bough in 2006

for $300,000 with an 80/20 loan,

the 2nd being a HELOC for purchase.

We never drew any excess money

from it. Both loans are with

Countrywide, or now Bank of

America. What are the chances of

them coming after us for the HELOC?

The foreclosure proceedings have

only been done on the 1st, i'm still

recieving statements for the HELOC.

The house is now worth $108,000.


Asked on 5/14/09, 7:30 pm

1 Answer from Attorneys
Jonathan Reed Reed & Mansfield

Re: Foreclosure and HELOC

I've been referring a lot of people who want to short sale without liability to Realtor Steve Segal,

website: www.itssold.com

He's been good at getting lenders to agree to a short sale w/o going after a deficiency judgment. He gets paid by the lenders for doing the short sale so his services are free to my clients. /what is in it for the lenders is that its faster than foreclosure and the borrowers leaves the home in good condition rather than ripping the house apart shortly before the constable boots them.

Read more
Answered on 5/15/09, 12:04 am


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