In September 2014, the Nevada Supreme Court held that an HOA could foreclose on its nominal super-priority lien and extinguish a senior mortgage in SFR Investments Pool 1, LLC v. U.S. Bank, N.A., a ruling that initially seemed cataclysmic to the mortgage industry. SFR Investments spawned thousands of contentious quiet-title actions, each pitting the senior mortgagee against the HOA-sale purchaser regarding whether the purchaser owned the property free and clear after its miniscule, speculative investment. While the mortgage industry’s outlook in Nevada after SFR Investments seemed rather bleak, the tide has recently turned in many respects, as the Nevada Supreme Court has issued several significant rulings in 2016 favorable to the mortgage industry in this continued battle over the effect of HOA super-priority lien foreclosures. Read the article……………
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