Rearranging the Deck Chairs on the Titanic

There is great news for home owners wanting to get out from under underwater mortgages. In Nevada, now banks can no longer go after homeowners for the balance of the mortgage after a foreclosure.

The Catch: The new law only applies to mortgages ORIGINATED on or after OCTOBER 2009. If you were smart enough to wait until 2009 to buy a house in Nevada you probably don’t need to worry about a deficiency action.

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Mark