Plenty of Nevadans are in trouble on their mortgages because they took out second mortgages, and real estate tracking companies say more than 60,000 Nevada homes were in foreclosure as of May. However, a new law will soon protect Nevadans who lose their homes from being hounded by creditors years after the fact.
Las Vegas attorney Jamie Cogburn, who specializes in consumer advocacy law, says that under the old law, creditors had up to six years to proceed against former homeowners. He says the new law gives creditors just six months to go after debtors for debts not covered by the proceeds of a foreclosure.
Read the full article at Fox Reno
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