Monday, October 22, 2012

B of A sues 28 Nevada HOAs, collection agencies in lien dispute - VEGAS INC

B of A sues 28 Nevada HOAs, collection agencies in lien dispute - VEGAS INC
Here's another story on what could be a blockbuster lawsuit filed by Bank of America against 28 HOAs and other defendants.  I am looking for a copy of the complaint.

"The bank filed suit Tuesday in Clark County District Court charging that state law limits the ''super-priority" first-position liens that HOAs can place against homes to an amount equal to nine months of HOA assessments -- but that the HOAs are "improperly'' filing liens demanding payment of attorney's fees and collection costs on top of that.These liens typically cover unpaid HOA assessments that accumulate while homes in foreclosure sit vacant, as well as costs to collect those unpaid bills. Charges that the HOAs and their bill collectors have been inflating the liens are pending in numerous lawsuits, with many attorneys expecting the Nevada Supreme Court or the Legislature to ultimately decide what limits should be placed on the liens..."The court should issue a judicial declaration establishing an association's super-priority lien does not include attorney's fees or collection costs. Under the plain language of (state law), only nine months of regular, budgeted common assessments are included in the super-priority amount," the suit says."

1 comment:

Anonymous said...

As if B of A has the moral standing to sue anyone regarding the housing crisis they were one of the principal architects of!