Posted by colvegas on January 31, 2006 at 20:47:54:
Lindsay,
John had a very informative post and I am in Las Vegas. Highly recommend you get with a good local R/E attorney. I went to one his name is James Adams on Sahara/ Buffalo I forgot the address but he gave me a free consulation and was very good.
I would also suggest you get a trust setup on those other properties but the main problem is with the timing due to it can be seen as a fraudulent conveyance if you vest title to your designated trustee…and that is because the legal action is already started on the property.
Do you have a homestead filed on any of the properties since I beleive in NV it protects the equity up to 200K or thereabouts.
I would put the other properties into trust since if there is a lis pendens on the property in foreclosure it may be difficult to vest title…?? I would have to check on that
How far along is the foreclosure on this property…??
I know a local investor who does sub2 who may be able to help but how much arrearences is on the note…??
You can call me at 702-400-7632 to disucss this since I do have some good contacts here in LV.
I can assist you as far as a trust goes if that solution will work for you…
Posted by Lindsay on January 31, 2006 at 13:00:31:
If one of my properties is under forecloser, can they come after my other properties? I live in Nevada and all properties are single family residences.
Posted by John Merchant on January 31, 2006 at 13:56:31:
Suggest you repost this as
“NV Foreclosure question”.
Somebody familiar with NV foreclosure law will know if NV has “deficiency judgment” law that allows a lender to go after you personally if they first foreclose on a NV D/T but still need more money to make up their total damage claim.
Some states do allow, some don’t, and I don’t know in which category NV falls.
Another thing to think about here, is this: If you have substantial “other” properties, the lender might elect to take a J against you, then lien ALL the other properties they can locate…if they have any doubt that the one property with the D/T on has enough market value to recoupe their losses.
I’ve seen some situations where I’d rather have sued and got a J that would then let me lien all the Defendant’s properties, rather than just confine me to the one with the D/T.