Foreclosure is the procedure by which a party who has loaned money secured by a mortgage or deed of trust on real property (or has an unpaid judgment), forces the sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, after the debtor fails to make payment.
In most cases, a wrongful foreclosure action alleges that the amount stated as due and owing in the notice of default is incorrect for one or more of the following reasons: an incorrect interest rate adjustment, incorrect tax escrow collected, misapplied payments, or a forbearance agreement which was not adhered to by the servicer, Wrongful foreclosure actions are also brought when the servicers accept partial payments after initiation of the wrongful foreclosure process, then continue with the foreclosure.
Nevada Instruction to Jury Regarding Damages for Wrongful Foreclosure provides guidelines for the jury to determine the appropriate compensation to be awarded to a plaintiff who has suffered harm due to a wrongful foreclosure in the state of Nevada. This instruction ensures that the jury is fully informed and understands the various aspects to consider when calculating damages. The primary objective of the Nevada Instruction to Jury Regarding Damages for Wrongful Foreclosure is to ensure that the plaintiff is adequately compensated for the losses incurred as a result of the wrongful foreclosure. Key factors that the jury should consider in calculating damages include the following: 1. Economic damages: The jury needs to consider the financial impact on the plaintiff caused by the wrongful foreclosure. This includes the loss of the property, any equity, or investments, as well as any other financial losses suffered as a direct result of the foreclosure. 2. Emotional distress damages: Wrongful foreclosure can cause significant emotional distress to the plaintiff. The jury should consider the mental anguish, humiliation, anxiety, and emotional suffering experienced by the plaintiff as a factor in calculating damages. 3. Punitive damages: In cases where the wrongful foreclosure was particularly egregious or involved intentional misconduct, the jury may consider awarding punitive damages. These damages aim to punish the defendant for their actions and deter others from engaging in similar behavior. Different types of Nevada Instruction to Jury Regarding Damages for Wrongful Foreclosure may include: 1. Instruction on Calculating Economic Damages: This instruction explicitly guides the jury on how to calculate and quantify the financial losses suffered by the plaintiff due to the wrongful foreclosure. It may include factors such as the fair market value of the property, lost rental income, or costs associated with securing alternative housing. 2. Instruction on Emotional Distress Damages: This instruction focuses on helping the jury understand the intangible harm caused by the wrongful foreclosure. It provides guidance on assessing and awarding damages for emotional distress, such as mental suffering and trauma experienced by the plaintiff. 3. Instruction on Punitive Damages: This instruction outlines the criteria that the jury should consider when deciding whether to award punitive damages. It may include factors such as the defendant's intent, willful misconduct, or the need to deter similar actions in the future. By providing clear instructions on the calculation and consideration of damages, the Nevada Instruction to Jury Regarding Damages for Wrongful Foreclosure ensures that the jury understands the legal framework and can make an informed and fair decision regarding the appropriate compensation for the plaintiff.
