Legal Question in Real Estate Law in Nevada

I live in Nevada and own a home with a principal loan balance of $300K. Current value is $144K. The loan is a HELOC with a variable rate. I have other assets totaling 1M plus. I would like to 'walk away from this loan'. I am unconcerned with a credit rating, I just do not want my other assets attached. Is this possible in the state of Nevada?


Asked on 5/15/11, 4:22 pm

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

A "short sale" with a written release by the lender of the unpaid loan balance is possible, but not likely with the other reportable assets. Assuming the lender forecloses and thereafter timely sues for deficiency relief, developing an asset protection strategy, and implementing it in advance of a deficiency judgment, is another option.

Your attorney can explain further.

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Answered on 5/15/11, 4:29 pm


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