I stupidly bought a home in Las Vegas, NV at its peak price in 2004. I was royaly screwed by my loan agent and got stuck with an adjustable mortgage. Long story short, I now owe 255,000 on a home that I bought for 250,000. There's no way out for me other than foreclosure.

In 2006, my husband and I bought another home in Henderson, NV. If I declare it as a homestead, CAN THE MORTGAGE COMPANY FOR THE FORECLOSED PROPERTY PUT A Lien OF ANY SORT ON THIS HOMESTEAD?

Also, since I am foreclosing on the property that I purchased prior to marriage in my name only, CAN THE MORTGAGE COMPANY SUE FOR DEFICIENCY JUDGEMENT AGAINST MY HUSBAND AS WELL?

Any info regarding foreclosures in Nevada would be greatly appreciated!

Why are you letting it forclose, if you are able to buy another home, why are you not just keeping this one, till the maket turns back up in a few years ?

I can only afford to keep one of the homes, not both. And the first house that I bought is in bad repair, I no longer have any equity in it, and the interest rate is horrible. If I could afford to refinance it at a better rate, then I could keep it... but I've already looked into that and it's not an option for me.