Finance
What is the primary purpose of Nevada's anti-deficiency statute (NRS 40.455) in a residential foreclosure?
AIt allows lenders to seek any deficiency balance after any type of foreclosure
BIt prohibits lenders from pursuing a deficiency judgment after a non-judicial foreclosure on a purchase money mortgage on owner-occupied residential property of four units or fewer✓ Correct
CIt requires borrowers to pay deficiency within 30 days of foreclosure sale
DIt applies only to commercial property loans
Explanation
NRS 40.455 limits deficiency judgments after non-judicial (trustee's sale) foreclosures on purchase money loans for owner-occupied residential properties with four or fewer units. This anti-deficiency protection means the lender cannot sue the borrower for the remaining balance owed after the foreclosure sale proceeds are applied.
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