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'Foreclosure Sale'
Special servicers and lenders who have loans secured by real property in Nevada should be aware of a case that is on appeal in that state. It involves an Eighth Judicial District ruling issued in August 2012, in which the court found that a private sale of property through receivership must include notices required in a non-judicial foreclosure. A lack of such notices precluded a recovery against the guarantor. The court also found that, because a receivership sale is a “foreclosure sale,” the trustee was precluded from recovering a deficiency.
Non-Judicial Foreclosure
Like many other western states, Nevada allows for non-judicial foreclosure of property upon a borrower's default. If the Nevada Supreme Court affirms the lower court's all-inclusive definition of a “foreclosure sale,” a special servicer or lender may have to initiate a non-judicial foreclosure and serve the accompanying statutory notices even if proceeding with a receivership sale or a judicial foreclosure. Another possible result is that, by opting for a private sale through receivership, the special servicer or lender may be electing to forgo any deficiency ' regardless of whether the guaranty is limited or full recourse.'
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