Deficiency Judgments

Deficiency judgments can be filed by a mortgage owner (the lender) if a foreclosure sale does not produce the amount of money a mortgagor (borrower) owes to pay their debt.  Nevada deficiency judgments consider fair-value appraisals of the property when determining the amount owed.  Fair-value laws require the deficiency be calculated by subtracting the amount paid at the foreclosure sale from the market value of the property.  The mortgage holder may file suit for the full difference remaining unpaid after the foreclosure.

The amount of money gained from the sale of the property becomes the full amount owed unless the borrower’s attorney files suit for a deficiency judgment.  In Nevada, if the lender fails to file for a deficiency judgment within six months from the property’s sale date, he or she forfeits the right to do so. 

The Las Vegas attorneys at Simon & Berman can assist you each step of the way if you want to file for a deficiency judgment against a debtor.  Our services include:

• Finding out if you are eligible to seek a deficiency judgment
• Quickly and efficiently filing the necessary paperwork with the appropriate court
• Assisting in the recovery of the judgment obtained.