Nevada | Family Law
Legal Question
How is a joint second mortgage handled in Nevada, The first Mortgage is in only one parties name.
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Legal Answer
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Read More Answered By: Paul Malikowski |
The first mortgage is required to follow Nevada noticing provisions to complete a foreclosure. That includes noticing both parties liable on the second, so they can act to protect their interests. In a properly noticed foreclosure by the first, if the only bidder at sale is the holder of the first (credit bid), then the parties liable on the second can be sued on their liability by the second note holder. In the event of a short credit bid by the first, or a short cash bid by a third party bidder, only the party liable on the first note can be sued by the first note holder. A foreclosure by the second will wipe out both parties' interest in the property, and the first holder retains all of its rights. Your attorney can explain further. |
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