How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Damien Bosco Your Own Question
Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
Satisfied Customers: 2580
Experience:  Helping you with your legal questions.
68302747
Type Your Real Estate Law Question Here...
Damien Bosco is online now
A new question is answered every 9 seconds

What are the ramifications for walking away from a VA

Customer Question

What are the ramifications for walking away from a VA mortgage?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Nevada
JA: Has any paperwork been filed?
Customer: No
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Damien Bosco replied 10 months ago.

Hello. My name is***** am an attorney. I will review your question and develop a response. We may discuss it too. Does that sound good to you?

Customer: replied 10 months ago.
ok
Expert:  Damien Bosco replied 10 months ago.

Is the mortgage on a residential home? Is there equity in the home? How much is the mortgage? What is the estimated value of the home?

Customer: replied 10 months ago.
Condominium Mortgage $103500 Estimate value $55-60000
Expert:  Damien Bosco replied 10 months ago.

Okay. I want to research something for you. Be right back.

Expert:  Damien Bosco replied 10 months ago.

Hi again: If you walk away from the mortgage, after a foreclosure in Nevada, a lender may obtain a deficiency judgment within six months following foreclosure. However, the amount of the judgment is limited to the lesser of:

  • the difference between the total debt and fair market value of the home, or
  • the difference between the total debt and foreclosure sale price (Nev. Rev. Stat. § 40.459). ...... We can discuss more if you would like to do so.
Expert:  Damien Bosco replied 10 months ago.

Hello: I have not heard back from you. If you need additional assistance, please let me know. Otherwise, I hope that I have provided excellent service and, if so, would love you to give me a 5 star rating. But feel free to get back to me with any follow up questions if you have them. Best regards.

Related Real Estate Law Questions