HOAs, Super Priority Liens, and Foreclosures Life After SFR Investments v. US Bank
Recently, the Nevada Supreme Court tackled two critical issues: First, whether a homeowners’ association (“HOA”) is a super priority lien on a property for up to 9 months of unpaid HOA dues; and second, whether such lien can be foreclosed upon nonjudicially. These issues were decided in the affirmative in SFR Investments Pool 1 v. US Bank, 334 P.3d 408 (2014). Read the article……….
An “exclusive use common area” is defined as a common area that an owner has the exclusive right to use.
The legislative season is upon us, and in many states, bills specifically dealing with condos, co-ops and HOAs are wending
Many condominium associations have found that their foreclosures are defective because the association failed to adopt a foreclosure rule, if