Las Vegas Short Sales And Deficiency Judgements
A deficiency judgement is typical of Las Vegas Short Sales of Foreclosures, where the lender files in court to require the borrower pay them the difference between what they owed and what the property sold for.
The deficit (deficiency) amount for many underwater properties in Las Vegas can be significant, especially in neighborhoods where home values have dropped more than 60% from 5 years ago.
In addition to the difference in loan amount, the deficiency judgement may also include all of the legal fees and other associated costs that were incurred while the property was being liquidated.
|Original Loan Amount:||$200,000|
|Price Home Sold For:||– $125,000|
|Deficiency Amount:||= $75,000|