theonemgonzalez Posted March 25, 2012 Report Share Posted March 25, 2012 Any Nevada Lawyers on here?My home was foreclosed in May 2011 and sold in August 2011. I had an 80/20 loan, so I had a first and second mortgages.My first is past the SOL now, they cannot come after me.My question is about the second mortgage. I checked my credit report today and OCWEN is listing my second mortgage as charged off, however there is a second listing under a different account number, opened in November 2011, and it states I owe the balance of my charged off second mortgage.I disputed the listing with Experian, but I am worried now. Can they come after me for the balance due on the second mortgage? Does OCWEN have a history of doing this? If so, can the balance be negotiated for pennies on the dollar, like 5%?Thanks. Link to comment Share on other sites More sharing options...
theonemgonzalez Posted March 25, 2012 Author Report Share Posted March 25, 2012 Also, does the law prevent suit because this second mortgage is purchase money for the primary residence, I have read some places that this is true. Link to comment Share on other sites More sharing options...
1stStep Posted March 25, 2012 Report Share Posted March 25, 2012 It depends on state law - CA, AZ and a handful of other states have anti-deficiency laws...If a foreclosure occurs and they are the original purchase money mortgages on a primary residence, the lender cannot come after you... Link to comment Share on other sites More sharing options...
lordreyrey Posted March 25, 2012 Report Share Posted March 25, 2012 Hey guys,I found this:New Nevada law may or may not impact short sales | CALIFORNIA FORECLOSURE LITIGATION BLOGand this:Nevada Assembly Bill 273: Nevada Passes Legislation Adversely Affecting Lenders | The National Law ReviewRegarding Nevada Assembly Bill 273This suggests to me that the SOL on the deficiency of the second mortgage is reduced from 6 years to 6 months.Also, If I am reading #2 on the second link correctly, then they CANNOT fle suit on the second mortgage after foreclosure if the money was used for purchase of the home.Am I reading all this correctly? Link to comment Share on other sites More sharing options...
theonemgonzalez Posted March 25, 2012 Author Report Share Posted March 25, 2012 Thanks!Number 3 of your second link states the following:"Shortened Statute of Limitations for Junior’s Suit for Breach of Note or Deficiency Action. If a junior lender otherwise can bring an action against a borrower or guarantor, following the extinguishment of its lien by foreclosure conducted by a senior lien holder, it must file such an action within 6 months of the foreclosure sale or deed in lieu of foreclosure. This applies only to an action commenced after a foreclosure sale or sale in lieu of foreclosure that occurs on or after July 1, 2011."My foreclosed home was sold in August 2011. So, this says that the statute of limitations is 6 months, which expired in February, correct?Thanks again. Link to comment Share on other sites More sharing options...
theonemgonzalez Posted March 25, 2012 Author Report Share Posted March 25, 2012 Another question.As far as the foreclosure sale goes.My home was set for auction in May 2011.The trustee took ownership in May, and the house sold to its new owner from the trustee in August 2011.With regards to the new law, and date of July 2011 for the SOL, which date is the one used to calculate SOL, May or August? Link to comment Share on other sites More sharing options...
lordreyrey Posted March 25, 2012 Report Share Posted March 25, 2012 How does one interpret the Nevada Revised Statutes?For example, all the research I have done on Nevada Assembly Bill 273 states that the protections awarded in the new laws take effect after July, 2011. For sales after July 2001, etc.I am confused because if you read the statute, you read this:NRS 40.4639 Period of limitation on commencement of civil action. A civil action not barred by NRS 40.430 or 40.4638 by a person to whom an obligation secured by a junior mortgage or lien on real property is owed to obtain a money judgment against the debtor after a foreclosure sale of the real property or a sale in lieu of a foreclosure sale may only be commenced within 6 months after the date of the foreclosure sale or sale in lieu of a foreclosure. (Added to NRS by 2011, 1743)This says the SOL is 6 months on the second mortgage, but it says nothing at all about the July 2011 restriction. So I guess my question is does this statute offer protection to a sale in May 2011? Reading it at face value suggests yes. Link to comment Share on other sites More sharing options...
WhoCares1000 Posted March 26, 2012 Report Share Posted March 26, 2012 If you want my honest opinion, with the amount of money at stake here (probably upwards of at least $50k or more), you might want to pay the $250 for 30 minutes time with a decent attorney and have them give you an opinion. This is not a simple $3000 debt where the attorney would cost more than just paying the debt. Link to comment Share on other sites More sharing options...
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