The Nevada Supreme Court has ruled, after much delay, that the non judicial foreclosure of a delinquent assessment lien by a common interest community extinguished the lien of the lender’s first trust deed. As noted by the Court “With limited exceptions, this lien is ‘prior to all — other liens and encumbrances’ on the homeowner’s property, even a first deed of trust recorded before the dues became delinquent,” To read this very important decision, download here.
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