Beginning October 1, 2015, lenders in Nevada will have a much-needed right to redeem properties sold at homeowners association (HOA) foreclosure sales for pennies on the dollar. Specifically, lenders and homeowners will have 60 days to redeem properties sold at HOA foreclosure sales—enabling lenders to recoup properties securing hefty deeds-of-trust. Nevada Senate Bill 306, signed
homeowners’ association foreclosures under Nevada’s super-priority lien statute
Nevada HOA Super-Priority Lien Statute Preempted by Federal Law, Holds U.S. District Court
By Jon H. Patterson & R. Aaron Chastain on
Posted in HOA Super Priority Liens
On Monday, the U.S. District Court for Nevada issued significant decisions in three cases, holding that a foreclosure on a Nevada HOA’s super-priority lien could not extinguish a deed of trust securing a debt owned by a Government-Sponsored Enterprise (GSE). As previously noted on this blog, Chief Judge Navarro ruled a few weeks ago…
Nevada HOA Foreclosures Cannot Extinguish Deeds of Trust Held by Fannie Mae, Holds U.S. District Court
By Jon H. Patterson & R. Aaron Chastain on
Posted in Foreclosure, HOA Super Priority Liens
Yesterday, the U.S. District Court for the District of Nevada issued an important ruling concerning the litigation over whether homeowners’ association foreclosures under Nevada’s super-priority lien statute (NRS 116.3116) can extinguish first deeds of trust when the underlying indebtedness is owned by a Government-Sponsored Enterprise (GSE) like Federal National Mortgage Association (Fannie Mae) or Federal…