When you purchased your property, you gave the lender a promissory note to pay back a specific sum of money. If you later defaulted on your loan, a foreclosure proceeding may have occurred. At a foreclosure sale, hopefully someone will buy the property and pay the bank enough money to fully satisfy your debt. Unfortunately, in today’s market, this does not happen very often. When the lender does not get paid in full, a deficiency is created.

Nevada law is very specific as to how to either pursue or defend against deficiency claims. I have represented both debtors and creditors in these situations. The window of opportunity (or defense) in these matters in Nevada is relatively short. Let me assist you in pursuing or defending against such claims.

A short sale occurs when you are able to sell your property and convince your lender to accept a payoff on your loan of less than the amount you actually owe. Short sales are often considered by owners of property considered to be “underwater”. This means that you owe more on your loan than your property is presently worth.

Typically, if your lender will agree to take less than is owed and you are able to find a buyer to purchase for such lesser amount, a short sale may be approved.

It is wise to have legal counsel assist you in dealing with your lender, real estate brokers, the buyer as well as title and escrow. You also need to be aware of potential serious tax consequences that could result if this matter is not handled properly.

Have you received a foreclosure notice, commonly called a “Notice of Breach” or “Notice of Default”? If so, there are many issues and options to consider in responding to such document.

1. Most notices of default pertain to your failure to make a required money payment. However, the notice could also pertain to your failure to do something else required of you, which would be a covenant or promise default.
2. There are many notices and other documents that must be legally sent to you in a foreclosure proceeding and the notices will differ depending if the property is residential (your home) or commercial (business).

I can help you address any notices received and how to respond in order to best protect your interests.

Whether your property is residential or commercial will have a great impact upon how you should proceed. In either case, a written lease is essential. Without a written lease, should a dispute ever arise, the contest will become one as to which party the Court believes. Eliminate disputes – put your deal in writing.

Residential and commercial leases each contain drastically differing language. I have years of experience in negotiating, preparing, and drafting all sorts of leases. I have represented individuals, as well as business entities, both landlord and tenant.

A successful eviction may depend upon on many factors, some of which are:

1) Is the property residential or commercial?
2) If residential, is the occupant elderly?
3) Whether residential or commercial, what is the reason for the eviction? It could be for:  non-payment of rent; the failure to perform a covenant or promise contained within a lease; possibly for the commission of a criminal act; or simply for causing a nuisance.

Let me guide you through this minefield. I can review your leases, make sure all required notices are given timely and properly served, and represent you in court should an eviction be resisted or contested. I can also help you enforce your lease and attempt to collect any money that may be owed you.

Before a lender is permitted to foreclose upon owner occupied residential property, it must give the property owner an opportunity to mediate, or resolve by mutual agreement, a loan default.

The owner must produce their financial information to a neutral mediator, along with a proposal to cure their default. The lender must produce documentation to prove they are the actual holder of the loan and also be prepared to try, in good faith, to reach a resolution short of foreclosure.

If the parties are able to reach a resolution, foreclosure may be avoided. At such mediation the parties may consider such things as deferring payments in arrears, modifying the terms of the loan, or possibly a short sale of the property (lender agreeing to accept less than the full amount due).

Only If the parties negotiate in good faith and are still unable to reach an acceptable resolution, may the foreclosure be allowed to proceed forward.

I would be pleased to discuss your options and represent you, as either lender or property owner, in foreclosure mediation.

Occasionally there are matters that create what are called “clouds” against an owner’s title to a property. It makes no difference if the property is vacant land, residential or commercial. A “cloud” on title might result from a wrongfully recorded lien of some type. It could result from a mortgage that has been repaid, but never properly released.

No matter what created the “cloud” against the title, if you are unable to obtain a voluntary release of such item, the quiet title lawsuit may solve your problem. Essentially, suit is filed against the claimant involved. If they are unable to justify the legitimacy of their claim, you can obtain a court order permanently clearing the cloud from your property.

This matter most often arises when you are trying to sell your property and a cloud prevents you from obtaining a clean title policy for your buyer. We can expeditiously resolve these issues for you.