Nevada 9th Circuit: Super priority lien cannot extinguish Freddie Mac mortgage without consent

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By Deborah Goonan, Independent American Communities   Some opportunistic Nevada real estate investors and HOA foreclosure attorneys are likely displeased with a recent Opinion filed by Judge Kimberly J. Mueller in the Ninth Circuit Court of Appeals. Mueller ruled that the Federal Foreclosure Bar overrides Nevada statute’s intent to extinguish a first mortgage as a result of an HOA foreclosure. The Plaintiff in the case, Alex Berezovsky, had been seeking to “quiet title” to a Continue ReadingNevada 9th Circuit: Super priority lien cannot extinguish Freddie Mac mortgage without consent

Update: NV Supreme Court rules in favor of GSE loan servicers

By Deborah Goonan, Independent American Communities Real estate auction investors who purchased hundreds of properties at HOA foreclosure sales for pennies on the dollar are reeling at this latest Supreme Court ruling in Nevada. In 2014, Nevada Supreme Court ruled that an investor who purchases an HOA foreclosure can wipe out the first mortgage by paying the HOA super priority lien in full. According to a ruling made in 2014 (SFR Investments Pool 1, LLC Continue ReadingUpdate: NV Supreme Court rules in favor of GSE loan servicers