Legal Question in Real Estate Law in Nevada

Re: foreclosure in las vegas

401(k)s are exempt up to $500,000. Savings are not exempt. Try a deed in lieu of foreclosure, a short sale or bankruptcy.

Re: foreclosure in las vegas

Nevada is what is known as a "recourse" state meaning that the "bank" in theory can get a deficiency judgment against you for the lesser of what you owe on it minus either fair market value or what they sell it for if you default on the mortgage. In actual practice, the bank may be willing to have you sign the property over to them with an agreement that they will not go after you for the loss. You should talk to the bank. Unfortunately, in actual practice you may not get their attention until you stop paying. Stopping your payments will hurt your credit rating but your question was whether the bank would go after your other assets. The bank has probably decided that would not be worth their trouble. Further, the bank has probably decided--or will decide--that your cooperation in turning the unit back to them w/o damage or delay is worth their giving up the right to try and collect a deficiency judgment against you.