Legal Question in Real Estate Law in Nevada

Foreclosure in Nevada

I bought a home in Nevada with

80/20 first and second mortgages.

Did not refi the original loans. If I

foreclose, will the mortgage

companies pursue deficiency

judgments because the value of the

home less than the amounts of the

mortgages? Will they 1099 me?


Asked on 3/12/08, 5:48 pm

2 Answers from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

Re: Foreclosure in Nevada

They can pursue the deficiency in Court and if they don't collect, they can 1099 you.

Read more
Answered on 3/12/08, 6:36 pm
James Smith James E. Smith Ltd.

Re: Foreclosure in Nevada

Since the second got squeezed out it can go after you for a deficiency unless you can arrange a short sale of its interest. the IRS is putting a moratorium on collecting on the 1099s from residential foreclosures of owner occupants.

Read more
Answered on 3/12/08, 7:31 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Nevada