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Cranesbill Tr. V. Wells Fargo Bank, 136 Nev. Adv. Op. 8 (March 5, 2020), Brittney Lehtinen
Cranesbill Tr. V. Wells Fargo Bank, 136 Nev. Adv. Op. 8 (March 5, 2020), Brittney Lehtinen
Nevada Supreme Court Summaries
The Court determined that homeowners may cure defaults as to superpriority portions of HOA liens much like first deed of trust holders; however, failure to explicitly or implicitly direct allocation of payments by either debtors or creditors requires court intervention to decide what is “just and equitable.”
Berberich V. Bank Of America, 136 Nev. Ad. Op (Mar. 26, 2020), Amelia Mallette
Berberich V. Bank Of America, 136 Nev. Ad. Op (Mar. 26, 2020), Amelia Mallette
Nevada Supreme Court Summaries
The Supreme Court of Nevada considered whether a quiet title action from a foreclosure sale was barred by NRS 11.080 because Berberich was in possession of the property for five years before commencing the action. The Court held that the limitations period outlined in NRS 11.080 will not run against an owner who is in undisputed possession of the land.
Saticoy Bay Llc V. Nev. Ass’N Servs., 135 Nev. Adv. Op. 23 (Jul. 3, 2019), Katrina Fadda
Saticoy Bay Llc V. Nev. Ass’N Servs., 135 Nev. Adv. Op. 23 (Jul. 3, 2019), Katrina Fadda
Nevada Supreme Court Summaries
The Court held that (1) under Nevada's HOA foreclosure redemption statute NRS 116.31166(3) a homeowner may use proceeds from the foreclosure sale to go towards redemption of the property; and (2) that sufficient compliance with the statute is enough to satisfy the statute's requirements.
Daisy Trust V. Wells Fargo Bank, N.A., 135 Nev. Adv. Op.30 (Jul. 25, 2019), Julia Armendariz
Daisy Trust V. Wells Fargo Bank, N.A., 135 Nev. Adv. Op.30 (Jul. 25, 2019), Julia Armendariz
Nevada Supreme Court Summaries
The Court determined that (1) NRS § 106.210 and NRS § 111.325 do not require a beneficiary to be identified on the publicly recorded deed of trust to establish ownership interest in the subject loan and (2) a loan service agreement or an original promissory note is not required to by the loan servicer to assert the Federal Foreclosure Bar on another’s behalf so long as properly authenticated business records can establish the ownership interest and (3) The Federal Foreclosure Bar preempts NRS § 116.3116(2) and prevents an HOA foreclosure sale from extinguishing the first deed of trust.
Sfr Inv.'S Pool 1, Llc V. First Horizon Home Loans, 134 Nev. Adv. Op. 4 (Feb. 1, 2018), Brendan Mcleod
Sfr Inv.'S Pool 1, Llc V. First Horizon Home Loans, 134 Nev. Adv. Op. 4 (Feb. 1, 2018), Brendan Mcleod
Nevada Supreme Court Summaries
The Court determined that, under provisions of NRS 116.31162, when an HOA records a notice of a foreclosure sale, any subsequent buyer who purchases the property is subject to that notice that a foreclosure may be imminent.
Renfroe V. Lakeview Loan Serv., L.L.C., 133 Nev. Adv. Op. 50 (July 27, 2017), Christopher Kelly
Renfroe V. Lakeview Loan Serv., L.L.C., 133 Nev. Adv. Op. 50 (July 27, 2017), Christopher Kelly
Nevada Supreme Court Summaries
The Court determined that the NRS 116.3116 provisions that grant homeowners’ associations (HOAs) superpriority lien status for delinquent HOA dues are not preempted by federal law when the first deed of trust on the property in question is insured through the Federal Housing Administration (FHA). The FHA insurance program at issue contemplates HOA lien priority schemes like NRS 116.3116 specifically. Mortgagees can comply with relevant state and federal law without stifling the purpose of the federal law, and therefore, preemption does not apply.
In Re Montierth, 131 Nev. Adv. Op. 55, Walter Fick
In Re Montierth, 131 Nev. Adv. Op. 55, Walter Fick
Nevada Supreme Court Summaries
The Court held that the separation of a promissory note, held by a principal, and the deed of trust, held by an agent of the principal, does not render either instrument “void,” or require the reunification of the note and the deed of trust in order to foreclose. The Court further held that, under Nevada law and in the case of a contractual principal-agent relationship, the recordation of an assignment of a deed of trust is a “ministerial act.”