Nevada Supreme Court gives HOAs upper hand in foreclosures

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A recent decision by the Nevada Supreme Court empowers homeowner associations in matters concerning foreclosure.

The court in September ruled that unpaid homeowner association dues can establish a superior lien, or right to ownership, regardless of a bank's mortgage on a home.

“They just got a landslide. They just got a windfall if the sale was conducted properly. They just got home for a few thousand versus market value, whatever that is. From the bank side, if the sale was conducted properly, they just lost their security for their loan,” home ownership attorney Avece Higbee said.

In some instances investors are purchasing liens from homeowner associations for thousands of dollars, using them to foreclose on homes and reaping hundreds of thousands of dollars. Banks lose out because interest accrued from the loan is lost.

Attorneys for homeowner associations are applauding the decision, claiming associations have lost out on unpaid dues for years.


Read more: http://www.fox5vegas.com/story/26701924/nevada-supreme-court-gives-hoas-upper-hand-in-foreclosures#ixzz3U0F2eT1B


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