I Just Got Sued For A Deficiency Judgment, Now What?

Stout Law Firm

August 24, 2010: Lenders are ramping up their efforts to sue former homeowners for deficiency judgments. Lenders are suing homeowners sometimes after foreclosure and sometimes after short sales, on either the first mortgage or the second mortgage or both. If it is the same bank it may combine them into one big lawsuit.

In Nevada, when a homeowner gets sued she has twenty (20) days to respond or otherwise answer the lawsuit. If she doesn’t answer within that time period, the lender can default her. Usually the homeowner or her attorney can talk the lender’s attorney into giving the homeowner additional time (say another 30 more days) to file a responsive pleading to the lawsuit.

One expert estimated that thirty percent of homeowners who get sued for a deficiency judgment walk it down to a bankruptcy attorney and get it virtually discharged on the…

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About Stout Law Firm

James Stout has practiced law in Orange County since 1995 and is highly regarded by the business community. He has passed three bar exams, California, Arizona and Nevada.
This entry was posted in Foreclosures Short Sales Mortgage Litigation, Real Estate Trends, Uncategorized. Bookmark the permalink.

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