stethoscope and gavel

Nevada Law Library

Deficiency Judgments

NRS 40.455, 457 and 459.

1.         Application by judgment creditor or beneficiary of trust within 6 months after the date of foreclosure sale or trustee sale per NRS 107.080.  (NRS 40.455);

2.         Showing that there is a deficiency.  (NRS 40.457);

3.         Hearing must be held before making award and evidence shall be heard regarding fair market value of the property as of the date of the foreclosure/sale.  (NRS 40.459); and

4.         Deficiency judgment shall be lesser of amount owed minus the fair market value, or the amount owed minus the actual sales price of property (plus interest from date of sale).