Current Nevada Law: Subject to Verification
This article discusses Nevada title, deed, foreclosure, property-tax and HOA law under current Nevada law as of the last reviewed date, and it is subject to change. Nevada deed-of-trust foreclosure procedures are governed primarily by NRS Chapter 107; Nevada common-interest-community (HOA) lien and foreclosure law is governed primarily by NRS Chapter 116. Statutes, deadlines, procedures and remedies change. Always verify current Nevada law and the specific facts of your situation with a qualified Nevada attorney and title professional before acting.
Short Sale
Homeowner remains involved in listing, offer, negotiation, and lender approval.
Foreclosure
Creditor proceeds through the statutory foreclosure process.
Why Might a Homeowner Prefer a Short Sale?
Potentially more control over timing, market exposure, a planned move, and avoiding a completed foreclosure. But credit, tax, deficiency and financial consequences require professional advice.
Why Might Short Sale Be Difficult?
- Lender approval
- Multiple liens
- Documentation
- Long timelines
- Buyer patience
Do Not Assume Debt Is Automatically Forgiven
The lender's approval terms matter. Tax consequences can also apply.
Lisa's Role
Lisa handles the real-estate sale. The servicer/lender controls short-sale approval. Attorney/tax adviser addresses legal/tax consequences.
