Legal Question in Real Estate Law in Nevada

Hi,

I own a house in Nevada that we owe about $170,000. When we bought it, it was valued at $220,000. Now short sale listings of similar houses are listed for $70,000 - $80,000. I can�t afford the mortgage anymore as I was laid off long time ago, so I like to either short sale it or walk away. My concern is that the mortgage company will come after my asset if I walk away (foreclosure). If I understand correctly, in the state of Nevada, the mortgage company can file deficiency judgment within 6 months of foreclosure sales (as the debt is considered recourse). I have about $30,000 in my savings account. I also withdraw social security, which is about $1500. My question is�.

Can they come after my savings?

Can they come after my monthly social security payment?

What happens to HOA payment? Would they come after my asset for non payment and late fees?

What are the tax consequences?

thank you so much.

Mike


Asked on 1/06/11, 2:45 pm

1 Answer from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

Yes, they can go after your savings. They cannot go after your social security. The HOA is something called "in rem" meaning that they can only lien the house. No tax consequences as Congress changed the law. If you need a referral to a real estate agent that handles short sales, email me at [email protected]

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Answered on 1/12/11, 7:19 am


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