Nevada § 40.455 - Deficiency judgment: Award to judgment creditor or beneficiary of deed of trust; exceptions

§ 40.455. Deficiency judgment: Award to judgment creditor or beneficiary of deed of trust; exceptions

1. Except as otherwise provided in subsection 3, upon application of the judgment

creditor or the beneficiary of the deed of trust within 6 months after the date of

the foreclosure sale and after the required hearing, the court shall award a deficiency

judgment to the judgment creditor or the beneficiary of the deed of trust if it appears

from the sheriff's return or the recital of consideration in the trustee's deed that

there is a deficiency of the proceeds of the sale and a balance remaining due to the

judgment creditor or the beneficiary of the deed of trust, respectively. 2. If the indebtedness is secured by more than one parcel of real property, more than

one interest in the real property or more than one mortgage or deed of trust, the

6-month period begins to run after the date of the foreclosure sale of the last parcel

or other interest in the real property securing the indebtedness, but in no event

may the application be filed more than 2 years after the initial foreclosure sale. 3. If the judgment creditor or the beneficiary of the deed of trust is a financial

institution, the court may not award a deficiency judgment to the judgment creditor

or the beneficiary of the deed of trust, even if there is a deficiency of the proceeds

of the sale and a balance remaining due the judgment creditor or beneficiary of the

deed of trust, if: (a) The real property is a single-family dwelling and the debtor or grantor was the

owner of the real property at the time of the foreclosure sale; (b) The debtor or grantor used the amount for which the real property was secured

by the mortgage or deed of trust to purchase the real property; (c) The debtor or grantor continuously occupied the real property as the debtor's

or grantor's principal residence after securing the mortgage or deed of trust; and (d) The debtor or grantor did not refinance the mortgage or deed of trust after securing

it. 4. For purposes of an action against a guarantor, surety or other obligor of an indebtedness

or obligation secured by a mortgage or lien upon real property pursuant to NRS 40.495 , the term “ application ” includes, without limitation, a complaint or other pleading to collect the indebtedness

or obligation which is filed before the date and time of the foreclosure sale unless

a judgment has been entered in such action as provided in paragraph (b) of subsection

4 of NRS 40.495 . 5. As used in this section, “ financial institution ” has the meaning ascribed to it in NRS 363A.050 .