1. If a person to whom an obligation secured by a junior mortgage or lien on real property is owed: (a) Files a civil action to obtain a money judgment against the debtor under that obligation after a foreclosure sale or a sale in lieu of a foreclosure sale; and (b) Such action is not barred by NRS 40.430 , in determining the amount owed by the debtor, the court shall not include the amount of any proceeds received by, or payable to, the person pursuant to an insurance policy to compensate the person for losses incurred with respect to the property or the default on the obligation. 2. If: (a) A person acquired the right to enforce an obligation secured by a junior mortgage or lien on real property from a person who previously held that right; (b) The person files a civil action to obtain a money judgment against the debtor after a foreclosure sale or a sale in lieu of a foreclosure sale; (c) The obligation was secured by a junior mortgage or lien on real property upon which the debtor maintains his or her principal residence, there is not more than one residential structure and not more than four families reside; and (d) Such action is not barred by NRS 40.430 , the court shall not render judgment for more than the amount of the consideration paid for that right, plus interest from the date on which the person acquired the right and reasonable costs. 3. As used in this section, obligation secured by a junior mortgage or lien on real property includes, without limitation, an obligation which is not currently secured by a mortgage or lien on real property if the obligation: (a) Is incurred by the debtor under an obligation which was secured by a mortgage or lien on real property; and (b) Has the effect of reaffirming the obligation which was secured by a mortgage or lien on real property.
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