Nevada Fed. Court Denies Class Cert. on ‘Ascertainability’ Grounds, Confirms Fannie/Freddie Liens Not Extinguished by HOA Foreclosure
The U.S. District Court for the District of Nevada recently confirmed that a homeowner association’s foreclosure of its superpriority lien cannot extinguish a property interest of Fannie Mae or Freddie Mac while those entities are under the Federal Housing Finance Agency’s (FHFA) conservatorship. In so ruling, the Court also denied class certification, holding that the issue of whether Fannie Mae or Freddie Mac held an interest in the property at issue at the time of a homeowner association foreclosure sale presents an impermissible individualized factual inquiry that would require “mini-trials” as to each affected property. Read the article………………..
Stephen M. Marcus has been elected President-Elect of the College of Community Association Lawyers and will serve as 2015 CCAL
After several years of not completing outstanding condominium units, and for nonpayment of boat-slip fees, the condominium association motioned for
Illinois law on the implied warranty of habitability (IWH) is continuously changing, and residential builders should take notice of a