Nevada high court makes key ruling on HOA liens | WashingtonExaminer.com: LAS VEGAS (AP) — The Nevada Supreme Court has ruled that a lien held by a homeowners association can override a deed of trust involving a first mortgage on the property.
Real estate investors in Las Vegas who have been buying foreclosed property at bargain prices claimed a victory in the ruling on Thursday.
The state Supreme Court overturned an earlier Clark County District Court decision and ruled in favor of SFR Investments Pool 1, the Las Vegas Review-Journal reported (http://tinyurl.com/pupczsg).
Homeowners associations can place liens on properties within their communities for unpaid fees. Unpaid association dues land in a super-priority lien that must be paid off first when a foreclosed home is sold.
1 comment:
Although CAI promotes these super liens, I sincerely hope that this is the beginning of the undermining of financing for HOA-burdened housing.
Post a Comment