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My house in Las Vegas was up for short sale and had an offer…

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My house in Las Vegas...
My house in Las Vegas was up for short sale and had an offer of 108K (which was full asking price.) The bank refused to sell and took it to auction. They have since sent me a bill for the entire amount of the loan (243K). I would like to know what approach is best to take with this. I live in Texas, I am 62 years old, and my job is a temporary one. There is no way I could pay this off, even if I wanted to.
Submitted: 6 years ago.Category: Bankruptcy Law
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Answered in 6 minutes by:
3/5/2012
Bankruptcy Lawyer: Roger, Attorney replied 6 years ago
Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31,949
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Hi - my name is Kirk and I'm a Real Estate litigation attorney here to assist you.

 

You're right that $10/month isn't going to keep them away. I would hazard a guess that $1000/month wouldn't do the trick either.

 

Because Nevada is a recourse state, the lender has the right to sue you for the deficiency amount of the loan remaining after the property is sold at foreclosure. At this juncture, the only thing you can do is either wait for the lender to sue you and take a judgment against you for the amount due - which can result in bank levys or writs of execution against your personal property - OR you can file bankruptcy and have the debt discharged as an unsecured debt and move on with life.

 

No one wants to file bankruptcy, but if there's no way you can settle this debt by making payments and paying the debt back in full over a 5-7 year period, the lender is going to pursue you until it forces you into bankruptcy (more than likely).

 

This is so because in order for the lender to collect from an insurer of this loan or from the federal government, it must show that it did everything it could to collect the debt before first seeking coverage from insurance, etc. Thus, the lenders must push you this far in order to have a claim at these earmarked funds. Understand, that all loans are not available for reimbursement from insurance or the government, but regardless of whether this is true or not in your situation, you can expect the lender to pursue you until it has a judgment.

 

Thus, the easiest and simplest way to put this behind you is to file chapter 7 bankruptcy and have the debt discharged.

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