Legal Question in Real Estate Law in Nevada

2nd Mortgage

I have a house in california and a house in Nevada, both with a 1st and 2nd mortagage. The house in CA is in mine and my (now) ex-wife's name. The second home in Nevada where I live, both are in my name.

My wages have been reduced this last year to half what I was making and can not afford to pay all the mortgages. Is there better legal recourse in Nevada (vs) California for getting out from under 1st and 2nd mortgage payments or gettig them reduced?

I have missed many payments since my lack of funds ocurred and I recently found that all our 1st and 2nd mortgages have been discharged and sent to collection agencies. What does that mean and what will happen?

I have had a couple of people call me who said they were collectors on the mortgages, but they have been very vague about the terms and want lump sums to dismiss the debts, which I do not have.

Also, my original lender will not speak to me about re-adjusting the original mortgages, because they have been discharged?

What can I do?


Asked on 7/14/09, 11:32 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: 2nd Mortgage

Without lender cooperation, probably not much. Check with a bankruptcy lawyer to see if that is an appropriate remedy for you. The BK court can restructure the loans.

Read more
Answered on 7/16/09, 10:48 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Nevada