Effective July 1, 2011 changes to Nevada deficiency laws and short sale laws laws regarding debt collection is located here =====>Short Sale Junior Lien Holder Rights & Other Changes   

UPDATE April 16, 2011.   This matter did not make it out of committee on April 16, 2011. No further action can be taken.  

The Nevada Legislature (Senate Judiciary Committee) on Tuesday March 29, 2011, discussed a proposed law that would eliminate liability for many residential loans after a shortsale or foreclosure.  Also the current proposed law would be retroactive. The current version of the Bill would protect debtor’s as to their primary residence, not investment property.  Click here to read the Bill SB 346.

SB 346 would end the deficiency debate.  Loans would be retroactively modified so a borrower would be protected from deficiency judgments, whether the borrower was involved in a short sale or foreclosure.

The bill has not left committee yet.  If you are interested, you can track the Bill by clicking … here.

The Bill has to make it out of  Senate Judiciary Committee to get a vote on the Senate Floor.  The deadline is this
Friday April 15, 2011 for the bill to pass out of the committee, otherwise it just goes away.  The Senate Judiciary
Committee is made up of the following Senators:

This is part of my short sale series listed below in alphabetical order:

7 Tips for Short Sale

Addendum to Short Sale Listing

Charging for negotiating short sales/Negotiators

Deficiency Judgments Nevada

Foreclosure and the One Action Rule in Nevada

HAMP the Federal Shortsale Program coming April 2010

Income Taxes & Foreclosures/Shortsales

Lender Short Sale Approval Addendum

Nevada Supreme Court Mandatory Mediation Program and How it Affects Shortsale

Nevada Short Sale Documents

Seller Being Released From Liability Language in Shortsale

Seller Liability After Short Sale

Short Sale Advanced Fees

Short Sale Addendum to Purchase Agreement October 2010

Short Sale Wallet Size Answer Sheet

IRS PUBLICATIONS shortsales/foreclosures:

IRS publication on how 1099 taxes are calculated, exempt, etc.

IRS explanation as to taxes resulting from Foreclosure and Debt Cancellation.

Ten Facts about Mortgage Debt Forgiveness

Questions?  Call me. Darren Welsh, Esq. 702 245 1787  email me darren@dwelshlaw.com or drop me a TPS by filling out this form