Nevada Foreclosures Legal Questions

I will attempt to answer your questions one at a time. Yes a homeowners association can foreclose on you for HOA fees even if you have a first and second mortgage. The HOA will have to pay off both your mortgages before they collect on the debt of the lien. Chapter 7 bankruptcy remove its obligations to pay, but it does not remove the lien from the property. So basically even though you no longer have to pay the debt, if you choose to stay in your home you will need to pay the lien off or they can foreclose on your property. Bankruptcy remove the financial obligations to pay a debt but it will not remove the security interest on a piece of property. Although if you had a bankruptcy lawyer handle your chapter 7 bankruptcy filing, he should of filed a motion to avoid lien, this cost extra money but it could have remove the lien from the HOA. Once your bankruptcy is over and you receive a discharge they can go after you for the lien that they placed before the bankruptcy. You may be able to reopen your chapter 7 bankruptcy and have an attorney file a motion to avoid lean. If you are up to date on your first and second mortgage and can make all future HOA payments this and probably be your best bet.   I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob... Read Answer

When your house is foreclosed, the first noteholder will always be paid first out of that foreclosure sale. You do not have to glory that the second lien holder will not pay the first lien holder, as the closing attorney must pay the first lien holder before transferring title. This happens on a regular basis and the banks will work it out, for the title to transfer correctly the first noteholder must be paid in full before the second noteholder received anything from the foreclosure sale. The problem that is going to arise or could possibly arise is the fact that if the foreclosure sale is not enough to cover your first and second mortgages then they may be a deficiency judgment against you which the bank could go after you directly or they could simply write it off as a loss. If they write it off as a loss, then the report this to the IRS and the IRS considers this amount to be income for the taxable year of the auction sale. Meaning if your mortgages for $200,000 and the foreclosure sale was for $150,000, then you have a deficiency of $50,000. This $50,000 can either be used by the bank for a lawsuit against you or most likely they will simply write it off as a loss, but this loss will be reported to the IRS and the IRS will be consider this loss as you received $50,000 in income for the calendar year all the foreclosure sale and they will tax you important link to that on a 1099 form. Filing a chapter 7 bankruptcy prior to the foreclosure sale being completed will deal with all the issues I have listed in this answer. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147  ... Read Answer

Have you notified the lender (who I presume is the furnisher of the negative credit information in your credit reports) of the forgery? Do you have any proof that the documents were forged? Send as much information as to the forgery that you have to the credit bureaus (certified mail/RRR) and dispute the tradelines. If the lender does not at least amend the tradeline to note that you are disputing it, you may have a Fair Credit Reporting Act (FCRA) violation against the furnisher and, possibly, the credit reporting agency. You should contact a National Association of Consumer Advocates (NACA) attorney in your area [ www.naca,net/find-attorney ] if you want to pursue the FCRA claim.... Read Answer

The law for cancellation of a timeshare is quite clear in the State of Nevada pursuant to NRS 119A.410.  "The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract. The contract of sale must include a statement of this right. . . . The notice of cancellation may be delivered personally to the developer or sent by certified mail, return receipt requested, to the business address of the developer."... Read Answer

You are not required to provide it to them. But there is no downside to doing so and you will generally find that it is best to get off on the right foot by cooperating with your opponent. There may come a time when you need a favor such as an extension of time to file something. These things are routinely done among lawyers as a courtesy.... Read Answer

By security first rule, I assume you are talking about California's antideficiency law. It is more complicated than this, but basically it means that most first mortgage purchase money loans are nonrecourse, meaning the lender is limited to foreclosing and selling the home has has no recourse to sue for the deficiency, which is the difference between the remaining loan balance and the amount the house sells for at auction. However the law does not necessarily apply to second mortgages, which are often recourse loans. To be sure, you should have a lawyer read the deed of trust for your mother's second loan. I don't know what you mean by a credit card. If you had some sort of home equity line of credit secured by the property that came with a credit card, then it most likely is a recourse loan.... Read Answer

In Nevada, there are a lot of things you can do. First, you should answer the complaint and file a counterclaim. You should also ask for mediation under the Supreme Court's program. Then, you can start negotiating with the lender. Call a good lawyer who specializes in foreclosure defense.... Read Answer

There are several options which are not necessarily independent but some can be done simultaneously: You can choose several options but there are deadlines and processes. You can defend the foreclosure(litigation), Modification, Mediation, Chapter 13 Bankruptcy, Reinstatement, Hardest hit fund programs, Refinance, Short-refi. There are free HUD approved loan counselors. Get professional assistance.... Read Answer

If it gets to the point where a sale is scheduled and you still do not have a satisfactory modification you may want to file a Chapter 13 and take advantage of the LMM Program now available in the Middle and Southern District of Florida. This program offers you the opportunity to mediate with your lender under the supervision of the Federal Court and the US Trustee. The results are much more highly successful than any State court mediation programs.... Read Answer

The answer is legally yes but practically unlikely. You have enjoyed the benefits of remaining in a residence to which you arguably had no rights of occupancy at no cost. However it is unusual for a bank to proceed on any quasi-contractual or unjust enrichment.  At this point, you may not be in a position to seek Cash for Keys; however it never hurts to ask.... Read Answer

A lien is a type of interest in your property. The only remedy I'm aware of for clearing an interest in real property is a suit for quiet title in the superior court. You would name the former company, or its owner, as the defendant. You should speak to a real estate attorney about this.... Read Answer