As a bit of general Nevada real estate information for you, I have attached a link to a decision handed down by the Nevada Supreme Court last Thursday related to super-priority liens and HOA’s. The court has determined that an HOA super-priority lien takes precedence over lien from a primary lender and that HOA’s can, in fact, foreclose on a property for past due HOA fees and penalties and actually wipe out the lien from a primary (or secondary, for that matter) lender. Pretty scary stuff for the banks, and the real estate industry expects challenges to be filed and a stay to be issued without delay, but for the time being, you should be aware that if you are dealing with a property of some sort that has past due HOA issues of some sort, don’t delay in communicating with the HOA, management company or their collection agency to deal with the past due fees.
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