Foreclosure Law Nevada
March 9th, 2008
Foreclosure Law Nevada
Question: I live in Sparks Nevada, my house soon to go into foreclosure, what are the laws and my options?
Should I let the house go into foreclosure or should I do a bankruptcy? I don’t want to owe the IRS. Please help me!
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Answer: The bankruptcy will only delay the foreclosure, it won't prevent it. If you allow the house to go to foreclosure, the bank can still come after you for the deficiency. If it decides to write it off, it may consider it income to you and give you a 1099 form.
Foreclosure will affect your credit (as will bankruptcy). Talk to the bank and see if you can do a short sale (you'd still owe the IRS).
Las Vegas Loan Modification Law Patterson and Jennings Ltd.
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Tags: Foreclosure, Foreclosure Law, home, hud, law, Nevada Law, realestate
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