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HOA Liens Can Supersede Mortgage Liens In Nevada
It's been awhile since I've posted but this one is pretty important for any home owners and potential home buyers.
I'm not an attorney but I'll try to explain this as best as possible in layman's terms.
To all my attorney friends... feel free to chime in and let me know if something is inaccurate.
What happened? In a recent ruling by the State of Nevada Supreme Court, HOA liens can knock out first deeds of trust (mortgage liens).
How does it work? Let's say you don't pay your HOA dues or fines for awhile and accrue a bill of $5,000-$6,000. The HOA files the Notice of Default and ends up foreclosing on the home or it's sold to the highest bidder at the courthouse. In the past, the HOA or courthouse investor would now be subject to any mortgages on the property. Essentially, they would have brought debt upon themselves. With this new ruling the new owner has now wiped out the mortgage and owns the property free and clear.
Full article from the Review Journal here... Super Priority Liens
Effects
Lending
Lenders will no longer lend on HOA properties in Nevada. I doubt this will happen. Lenders will require ... more

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