Financial Services Litigation Bulletin-December 2009
Nevada Law Eliminates Deficiency Judgments Against Certain Borrowers With Purchase-Money Mortgages on Residential Real Property
The Nevada Legislature has enacted Assembly Bill 471 to eliminate deficiency judgments against certain borrowers who obtain purchase-money financing for residential real property located in the State of Nevada. Prior to the enactment, a lender could file a civil suit against a defaulting borrower and obtain a money judgment equal to the difference of the amount of the debt and the greater amount between the value of the property and the purchase price at the foreclosure sale.
To read the rest of this article on Assembly Bill 471, click here.