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Nevada Supreme Court Ruled that Only Nine Months Of Delinquent HOA Payments can be Included in Super Priority Lien Status

lasvegas4us.com | June 2, 2016

Nevada Supreme Court HOA ruling is in favor of banks and distressed property buyers from Nevada Trustee Sale Auction where the act of foreclosing on properties takes place.  Home Owner Associations (HOA), and especially collection agencies who charged exuberant amounts in collection fees in addition to delinquent HOA fees.

Needless to say this problem led to many law suits and Nevada Legislation reacted by passing a bill in 2015 to fix this and while keeping the HOA fees in Super priority status modified how HOAS have to contact first lien holders and reduced collection fees and other charges to about $1350.

Here are some important points.

Other important changes:

  •  A first lien holder now has up to five days prior to the HOA sale to satisfy the super-priority amount, and must then record—at least two days prior to the sale—that such super-priority amount was paid.
  • The HOA or its agent must now record an affidavit indicating that proper notices were sent to the first lien holder. No such requirement previously existed.
  • The revised law caps the amount of costs and fees that an HOA can levy as part of the super-priority amount (essentially around $1,350), and it specifically prohibits attorneys’ fees from being included as part of the super-priority amount.
  • The revised law provides the owner of the property and the first lien holder a 60-day right of redemption.

What the Nevada Supreme Court did was to disallow collection costs and other fees to be included in the super priority lien status. However Nevada law applies from now on.

 

 

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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