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Deficiency on purchase money second trust deeds - Nevada Bankruptcy Law Question

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  • Deficiency on purchase money second trust deeds - Nevada Bankruptcy Law Question

    I am a California bankruptcy law attorney. My question pertains to a similarity between California bankruptcy law and Nevada bankruptcy law. My understanding of CA law is that a purchase money second trust deed holder may not seek a deficiency judgment in a situation where the first trust deed holder has conducted a non-judicial foreclosure on the real property collateral.

    My question is: does the law in the state of Nevada also provide that a purchase money second trust deed holder may not recover a monetary deficiency following foreclosure on the real property collateral by the first trust deed holder?

  • #2
    Deficiency Judgment

    I am an Oregon attorney with a client that moved here from California. He is being sued on a second note after a foreclosure by the first on a house in California.

    I do not read Cal. Code Civ Pro Sec. 580 as prohibiting a deficiency in this situation even if it was a purchase money loan (unless the second foreclosed nonjudically. Are you sure that there can be no deficiency on a purchase money second were there was no foreclosure of the second?

    Other California cites would seem to agree. See http://www.homebuyeragents.com/lender-options.asp

    Let me know what you think. TIA

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    • #3
      Originally posted by RonsLaw View Post
      I am a California bankruptcy law attorney. My question pertains to a similarity between California bankruptcy law and Nevada bankruptcy law. My understanding of CA law is that a purchase money second trust deed holder may not seek a deficiency judgment in a situation where the first trust deed holder has conducted a non-judicial foreclosure on the real property collateral.

      My question is: does the law in the state of Nevada also provide that a purchase money second trust deed holder may not recover a monetary deficiency following foreclosure on the real property collateral by the first trust deed holder?
      I have the same question as the above.

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      • #4
        I believe your best bet in this case is to talk to a bankruptcy attorney in your area.
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