Legal Question in Real Estate Law in Nevada

In Nevada a deficiency after a foreclosure can happen just like after a car auction. Nevada is not a one action state where the foreclosing party is limited to the real estate.

Nevada is a one action state, despite what Mr. Smith is. What this means is that the bank must foreclose before suing on the note. If they don't file a foreclosure and just sue on the note, they cannot foreclose. 99.9% of bank forecloses before they sue. One thing that you should be aware of is that if the bank does not sue you within 6 months of the Trustee's deed being recorded, you have a statute of limitations defense.

Finally, if they sue you, demand to see the original note. If they cannot produce it upon a proper request, you can get the case dismissed.