Legal Question in Real Estate Law in Nevada

I hold a deed of trust on a home whose mortgage payments have been defaulted on for 5 months now. Since the debt owed to me is secured by the house, what can I now do to secure what's owed to me? The debt isn't technically due till June 2011, but the borrower has no other assets and has inferred she has little intention to pay me back.

The borrower is upsidedown in her mortgage by approx. 25,000 so taking over the property appears a bad investment.

Thank you for your time!

Todd


Asked on 7/29/10, 3:22 pm

1 Answer from Attorneys
Paul Malikowski Malikowski Law Offices, Ltd.

Unless your contract (deed of trust) provides you the right to require additional or different collateral when the primary security loses value, upon a default you can waive your right to foreclose and bring a civil action in court for money damages arising from a breach of contract. Taking over the property may cause you to lose the right to sue and any other rights. Your attorney can explain further.

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Answered on 8/03/10, 6:00 pm


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