Foreclosure in Las Vegas>Question Details

Newcomer416, Renter in Las Vegas, NV

I am a tenant in a condo in Las Vegas, NV. My landlord says that he is trying to get a loan mod. Monday the HOA said they were foreclosing on us?!

Asked by Newcomer416, Las Vegas, NV Tue Feb 14, 2012

As tenants with a lease do we have any rights here in the state of Nevada? Will we be just forced out onto the street if the HOA forecloses on our condo? Please help with advice!?

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7
I know your stressed, but your ok as long as you keep paying your rent you still have a valid lease. He can be doing a loan mod and not pay his HOA which can create a lien and many foreclosure letters, but usually when file is in work out mode they won't foreclose. Even if they do the bank will usually offer you cash for keys, or accept rent money till end of lease. So you should have more than 30 days to find a new place and there are many out there probably bigger, better and less than your place now.
Good Luck. If you are thinking of buying call me, I'll help you find a cheap forclosure in Las Vegas to own yourself so you won't have any worries of this drama happening again. And your can (own) for less than it cost to rent. Your credit does not have to be that good, there are many loan programs out there, people that have short saled 3 years ago can already buy again. Check into it, I can send you a list of lenders. This could be the best thing for you! Like the universe is pushing you to make your next step in the right direction 8)
Beth Mitro 1-877-702-AGENT
Web Reference: http://AgentMitro.com
0 votes Comment Flag Wed Feb 15, 2012
I am sorry to hear about your trouble. I know the stress can be terrible. You do have rights. You can Google information on renter rights in Nevada. I would seek legal advise. I work with an Attorney that will talk with you if you like. Contact me and I will give you his information. Just knowing wheer you stand can make your day a whole lot brighter.
Thank You
Suzie Marquardt
702-234-7653
Fahrnyteam@yahoo.com
0 votes Comment Flag Tue Feb 14, 2012
You have rights thru the protecting tenants from foreclosure act-
If the property is foreclosed-
First off I doubt it will be by the HOA-
They typically have to assume what's owed on the first is my understanding-
So
1- you can receive Relo money
2- you can rent for the remainder of your term at market value rents
3- you can go month to month and allow showings to potential buyers - maybe even rent back to a investor purchaser-
4- you can stay without paying and wait for a judicial constable lockout- or probably push it longer by pleading your case at the judicial hearing-
5- you can buy it-
Call me with other questions-
Web Reference: http://Mayteamlv.com
0 votes Comment Flag Tue Feb 14, 2012
The HOA must honor your lease if it is market value and created before the homeowner knew they were in foreclosure. That's the part that tricks up the whole deal for the tenant, homeowners typically take leases when the foreclosure process has started, granted it could take years. Talk to the HOA and see if they are going to keep the property or let it be sold. In any event, good communication with the HOA here is VERY important. They know this has nothing to do with you, so remain calm and ask for their best cooperation. Condo's are usually bought by investors, so you may be able to ride through this and stay in your place by making a new lease with the new owner. If you give me the address in a private email or phone call I'll make a few phone calls to have investors ready themselves for it.
Margaret Bruno
Sellstate NRES
702-523-7888
lasvegasmargaret@gmail.com
0 votes Comment Flag Tue Feb 14, 2012
Do you have a lease? Or contact the lender to see what's there to do with prop or I can help buy new condo it's a lot less money every month
0 votes Comment Flag Tue Feb 14, 2012
The HOA can foreclose on a condo independent of the banks because of unpaid association fees. My advice would be to start looking for a new home immediately. I have several listings for rent. I can get you into a place quickly. Myra Gouger / Realty ONE Group / 702-858-9311 / myra_gouger@yahoo.com
0 votes Comment Flag Tue Feb 14, 2012
I don't have the exact statutes to send to you but I did want to help you rest your mind a bit: You won't be thrown out into the street without significant notice. Your current lease, assuming you have one, will stay in effect. And, just to be clear, the HOA is starting the process on Monday or the home is scheduled to be sold on Monday? I'm assuming the former---you have some time. The best advice I can give you for your next step is to see if http://www.nlslaw.net/ or http://www.lacsn.org/ can help answer your questions, free of charge.

Good luck
Web Reference: http://www.HouseOfVegas.com
0 votes Comment Flag Tue Feb 14, 2012
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