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In Nevada if Mary's name is on the title and deed but Lucy is signatory of the mortgage loan who bears the consequences of a foreclosure?
Wiki User
∙ 15y ago
Answer: If Mary owns the property and the lender took a mortgage from Lucy then the bank can't foreclose on the property. Lucy had no interest to convey to the lender. (The lender didn't perform a title examination.) Did Lucy have Power of Attorney for Mary?
Wiki User
∙ 15y ago
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What are some rules for getting a mortgage in Nevada?
Nevada law demands that mortgage brokers in the state must be licensed by the state. Brokers must also must maintain continuing education credits to keep up to date on Nevada laws. Nevada law also limits the amount of loans made by mortgage brokers to other brokers or their employees.
What are some of Nevada's industries?
The gambling/casino industry and the mortgage industry.
What happens if you let you house go into foreclosure in the state of Colorado?
These are all the mortgage walkaway trustee sale states, meaning they are non-judicial foreclosure states.In those states, generally, when they foreclose on you, they cannot pursue you for their financial losses.Many, such as California, do in theory allow a lender to choose judicial foreclosure but in those cases the lenders only do so if a borrower has significant other assets. This is the "one action" rule that lets the lender either pursue non-judicial foreclosure, at lower cost and less time, or judicial foreclosure that costs more money and takes more time but lets them go after you for their financial losses.AlaskaArizonaArkansasCaliforniaColoradoDistrict of Columbia (Washington DC)GeorgiaHawaiiIdahoMississippiMissouriMontana (as long as non-judicial foreclosure is used)Nevada - note that the lender CAN get a deficiency judgment (See below)New HampshireOregonTennesseeTexas (but even in a non-judicial foreclosure, the lender can pursue a deficiency judgment)VirginiaWashingtonWest VirginiaThese are states that also allow non-judicial foreclosure, and/or where non-judicial foreclosure is more common and deficiency judgments can be obtained more easily:MichiganMinnesotaNorth CarolinaRhode IslandSouth DakotaUtahWyoming
What are the legal consequences of drinking underage in the state of Nevada if you get caught and your on probabtion?
Your probation will most likely be revoked.
What is the worst state in the US to live in?
Nevada, we have the highest unemploment rate and the highest foreclosure rate, freezing winter, scorching summers, and low on food and water usually.
What states does First Option Mortgage service?
The states serviced by First Option Mortgage are as follows; Arizona, Colorado, Florida, Georgia, Indiana, Missouri, Nevada, Ohio, and Utah. The corporate office is located in the city of Atlanta, Georgia.
What US city has the highest rate of houses in foreclosure?
Las Vegas Nevada held that distinction, last I heard, at least according to one news source. However such figures are constatly changing. Arizona, California, and Florida rank amoungst . U.S. States with the highest florclosure rates.. There is a constant back and forth between Las Vegas NV and Phoenix Arizona. The wesetern states were hit hardest with the mortgage crisis
Which states are non-recourse states for mortgage debt?
Non-recourse states cannot pursue you for their financial losses. Alaska Arizona Arkansas California Colorado District of Columbia (Washington DC) Georgia [THIS IS INCORRECT. GEORGIA IS A RECOURSE STATE] Hawaii Idaho Mississippi Missouri Montana (if non-judicial foreclosure is used) Nevada - (lender can get a deficiency judgment) New Hampshire Oregon Tennessee Texas (lender can get a deficiency judgment) Virginia Washington West Virginia The following states allow non-judicial foreclosure: Georgia [Georgia allows non-judicial foreclosures] Michigan Minnesota North Carolina Rhode Island South Dakota Utah Wyoming
Is Nevada an anti deficiency state?
Pursuant to Nevada Revised Statutes 40.451, Nevada is a deficiency state, which means that the lender may sue a homeowner after foreclosure for the amount the house sold that was less than what was owed. The homeowner will then have to pay the lender any amount that was due on the loan that was not paid off at sale. For example, if a home was purchased in 2006 for $400,000 and in 2009 it appraises for $300,000, and the homeowner cannot afford the mortgage and allows the lender to foreclose, and at the foreclosure sale the house sells for $200,000, the lender may file a lawsuit against the homeowner (known as a deficiency law suit according to statute). The deficiency law suit must be filed within six (6) months after the foreclosure sale, and the amount of the deficiency judgment is determined by a statutory formula. An appraisal is obtained to determine the actual fair market value on the date of sale. The homeowner is given a credit for the appraised value, or the sales price, whichever is greater. In the above example, even though the house only sold for $200,000, the homeowner is given credit for $300,000, therefore the deficiency judgment (the amount owed to the bank) is $100,000 - the difference between the amount owed and the market value, not the actual sales price.
Who is Andrew Rothbart?
Andrew Rothbart has been helping homeowners who are facing the foreclosure process for over 6 years. First, he founded New Start Solutions LLC. New Start has been Las Vegas' Leader in the foreclosure process for over 3.5 years. To learn more about New Start Solutions please visit the website, www.newstartlv.com or call 702-531-5566. Currently, Andrew founded Foreclosure Counselors of Southern Nevada (F.C.S.N.). F.C.S.N. is a Federal Non-Profit Organization that counsels distressed homeowners. Andrew provides free weekends seminars for homeowners facing foreclosure. You can reserve you seat today by calling 702-617-HOME(4663) or visiting the website at www.stalldefault.com.
Where is Hoover Dam is located?
Nevada
Is Carson City Nevada closer to Reno Nevada or Las Vegas Nevada?
Carson City, Nevada is closest to Reno, Nevada.
