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Nevada Foreclosure

July 13th, 2010

Nevada Foreclosure
I live in Sparks Nevada, my home before going into foreclosure, what are the laws and my options?

Should I leave the house in executions I do a mortgage or bankruptcy? do not want to owe the IRS. Please help me!

Bankruptcy will only delay the foreclosure, not prevent it. If you allow the house to foreclosure, the bank can still come after the deficiency. If you decide to cancel, it may consider that the income of you and give you a form 1099. Exclusion affect your credit (as bankruptcy). Talk to your bank and see if you can do a short sale (you still owes the IRS).


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