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Federal Court Rules HOAs Cannot Use ‘Super-Priority Lien’ to Foreclose on GSE-Backed Loans

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first_img Previous: Hazard Claims Challenges Within Our Industry: What Are Your Clients Concerned With? Next: HUD Appropriations Bill Passes in Senate Committee in Daily Dose, Featured, Government, News Federal Court Rules HOAs Cannot Use ‘Super-Priority Lien’ to Foreclose on GSE-Backed Loans Sign up for DS News Daily Tagged with: Fannie Mae FHFA Freddie Mac Homeowners Associations Nevada Super-Priority Lien Status About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agocenter_img June 26, 2015 1,737 Views Fannie Mae FHFA Freddie Mac Homeowners Associations Nevada Super-Priority Lien Status 2015-06-26 Brian Honea Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The U.S. District Court for the District of Nevada ruled this week that homeowners’ associations (HOAs) that attach super-priority lien status to mortgage loans cannot foreclose non-judicially on mortgages backed by Fannie Mae and Freddie Mac.Judge Gloria Navarro ruled in the case of Skylights LLC v. Byron that federal law prohibits a state-law HOA foreclosure from extinguishing a first deed of trust that is guaranteed by one of the government-sponsored enterprises.Currently, 22 states allow HOAs to attach super-priority lien status to mortgages. The subject has been a controversial one because in some cases banks and lenders that have suffered huge losses when HOAs  have extinguished mortgages where the delinquent HOA dues amounted to a fraction of the balance on the mortgage claim that the super-priority lien law gives the HOAs too much power. HOAs contend that the super-priority lien status is necessary because it forced the banks and lenders to pay the delinquent HOA dues and not leave responsible HOA members to pick up the tab in order to keep the HOA’s infrastructure intact and protect the community and neighborhood.The Nevada State Supreme Court made a controversial ruling last September that gave HOAs the authority  to foreclose on a home and extinguish a mortgage non-judicially, a ruling that was subsequently appealed by lenders on the grounds that the Housing and Economic Recovery Act (HERA), a federal law, prohibits state laws from extinguishing a deed of trust if the mortgage is backed by Fannie Mae or Freddie Mac. The Federal Housing Finance Agency (FHFA) issued a warning in December to HOAs that attach super-priority lien status to mortgages, saying that such liens will not push mortgages backed by Fannie Mae and Freddie Mac into the secondary position because of the risk they pose to taxpayers while the GSEs are under the FHFA’s conservatorship. In order to protect the GSEs’ property rights, FHFA intervened in two Nevada cases in which an HOA extinguished a mortgage last year.FHFA general counsel Alfred Pollard testified before the Nevada State Legislature Judiciary Committee in early April, backing Nevada Senate Bill 306, which proposed an amendment to the law on super-priority liens. The bill passed in late May at the last minute before the end of the judiciary session. The bill calls for an HOA to provide the mortgagee with a formal notice with the amount on which the homeowner is delinquent on HOA dues, this giving the mortgagee the opportunity to address the deficiency if the homeowner will not – therefore allowing the mortgagee to protect its position.In the case decided in the federal court on Thursday, Las Vegas residents David and Jennifer Byron obtained a mortgage in November 2007 for $105,700, from CitiMortgage that was secured by a deed of trust property. Mortgage Electronic Registration Systems, Inc. (MERS) was named the beneficiary and First American Title Company was named trustee. In November 2011, MERS assigned the interest in the deed of trust to CitiMortgage, which in turn assigned it to Fannie Mae in March 2014. Six months later, in September 2014, an agent for the HOA sold the home to Skylights LLC in a foreclosure auction for $28,500, despite the fact that Fannie Mae’s conservator, FHFA, never gave consent for the foreclosure. FHFA and Fannie Mae filed a joint motion for summary judgment, arguing that Skylights could not legally extinguish the deed of trust when it purchased the property at the foreclosure auction.The court upheld a federal statute that bars the foreclosure of a homeowner association’s lien from extinguishing property of FHFA without its consent and ruled that the arguments presented by Skylights and the HOA claiming that statute did not apply in this case were “without merit.”Navarro’s ruling includes language that may limit its scope, however – the decision could apply only in cases where one of the GSEs is the recorded beneficiary of the deed of trust (even if they purchased the deed of trust prior to the HOA’s foreclosure sale) at the time of the HOA’s foreclosure sale. There were two similar cases argued in the U.S. District Court for the District of Nevada last week in which investors sued JPMorgan Chase bank that are currently awaiting Navarro’s ruling; the GSEs were not the recorded beneficiary of the deed of trust at the time of the HOA foreclosure sale in either case. The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Federal Court Rules HOAs Cannot Use ‘Super-Priority Lien’ to Foreclose on GSE-Backed Loans Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

Julie Gardner, 59

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first_imgJulie Gardner, 59, of Greensburg passed away on April 22, 2019.  She was born on September 20, 1959 in Greenfield, Indiana the daughter of Judy Bailey Dent and the late Max Bailey.  Julie was a 1978 graduate of Greensburg Community High School.  She married Jeff Gardner on July 19, 1980 and together they had two daughters Leah and Erin.  Julie worked at 5th 3rd Bank in Greensburg for 25 years and after retiring she went to work as a receptionist at Columbus Regional Hospital in the Emergency Room.  Julie was a member of the First Christian Church of Greensburg.Survivors include: Husband- Jeff Gardner; Daughters- Leah Shields and Erin (David) Speakman; Grandchildren- Carsyn Shields, Ryder Shields, and Nash Speakman; Mother- Judy Dent; Brother- Gary (Julie) Bailey; Sister- Brenda Koors; Sister in Law- Jill (Chris) Schroeder;  Nephews- Darren Koors and Matthew Koors; and Nieces- Alexis Bailey, Abigail Bailey, Brandi Collins, and Kyley Lee. She was preceded in death by: Father- Max Bailey.A visitation for family and friends will be held at the Gilliland-Howe Funeral Home on Thursday, April 25, 2019 from 2:00 pm until the Funeral at 6:00 pm.  Rev. Allen Collier will be officiating.  Memorial contributions can be made to the Columbus Regional Hospital Foundation- Cancer Center.  Online condolences can be made to the family at www.gilliland-howe.comlast_img read more

Torch relay of Khelo India Youth Games 2020 held in Hailakandi

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first_imgA CorrespondentHailakandi: The torch relay for the Khelo India Youth Games 2020 was held in Hailakandi in the wee hours on Wednesday. The relay began with the former international footballer, Jowel Bey leading from the front. Around 150 torchbearers comprising students, sportspersons and officials traversed through the main thoroughfares of the town before culminating at the Nazrul Sadan premises from where the torch relay started. The flame will be used to light the cauldron in the Indira Gandhi Stadium, where the opening ceremony will take place on Friday in Guwahati.Also Read: Stage ready for 3rd Khelo India Games in GuwahatiAlso Watch: Focus on CAA 2019 not on forming a New Political Party, urges KMSS Leader Dharjya Konwarlast_img read more

Baseball off to best start since 1988

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first_imgDuring the NBA playoffs and March Madness you can definitely find me glued to my TV and getting constant game updates on my phone. During the regular season, however, I cannot be bothered to sit through an entire game unless USC is playing. Football and baseball reign supreme in my heart, and the months between February and April feel empty and unfulfilling.Thankfully the drought is cut short by the start of college baseball. And right now is a great time to be a Trojan baseball fan. After jumping out to an 8-0 start, the Trojans are looking at their best start since 1988.USC opened its season against Towson with a dominating sweep of the Tigers. Pitching was the controlling factor in the first two games of the series. Junior right-handed pitcher Brent Wheatley took the mound in the season opener and led the Trojans to a 17-1 win. In six innings pitched, Wheatley only allowed one run on five hits. Following Wheatley’s dominant start, junior left-handed pitcher Kyle Twomey helped USC earn another forceful win over Towson, 10-0. Twomey threw seven innings and only allowed two hits and no runs.After the homestead against Towson, the Trojans hit the road to take on No. 25 Cal State Fullerton. This time, the Trojans showed off their prowess on the other side of the ball. Junior college transfer David Oppenheim hit his first home run in a USC uniform. Senior catcher Garrett Stubbs followed suit with a two-out, two-strike double to clear the bases to give USC a lead.The game against Fullerton also demonstrated the solidarity of the team, as the lead changed hands and was never completely secure, and the bullpen rallied around each other to secure the victory. Freshman Mason Perryman got his first collegiate start, pitching four innings and allowing two runs on six hits. Sophomore Bernardo Flores relieved Perryman and threw a career-high four strikeouts in three innings. Junior left-handed pitcher Marc Huberman pitched the eighth inning and struck out the side to set up junior closer Kyle Davis, who earned his second save of the season.The Trojans again flaunted their dominance in pitching in the win over Kentucky. Junior Santa Barbara City College transfer and left-handed pitcher Tyler Gilbert was on the bump for the first time as a Trojan and did not disappoint. Gilbert threw seven innings and allowed only two runs on seven hits and struck out eight.On the other side of the ball, junior Timmy Robinson sparked the Trojan offense with two hits, including a two-run home run in the fifth inning. Oppenheim again helped the Trojans out with his bat with a two-out double to drive in a run. Davis closed out the game and earned his third save of the year.The first game in the series against Oakland proved to be a test for the otherwise spotless Trojans. USC won 8-6, but not before overcoming a 4-0 deficit. Teamwork was again what seemed to give USC the edge in tight situations. Wheatley struggled and wasn’t getting much help on defense, and USC allowed five runs in the fourth inning. Senior Dante Flores entered the game in relief and kept his team in the game. The sophomore lefty threw 3.2 innings, allowing only one hit to a career-high seven strikeouts and no walks.The Trojans bats came alive as well, with Stubbs leading USC going 4-for-5. He drove in a run and scored two himself. Flores, redshirt junior Bobby Stahel, junior Blake Lacey, Oppenheim and Robinson all contributed to the offensive effort as well.The second game against Oakland proved to be much easier for the Trojans as they cruised to an 11-1 victory. Twomey got his second win of the year, throwing seven innings, giving up only four hits, one run and a walk. He struck out six in the win. Junior AJ Ramirez led the team offensively with four RBIs. Five different Trojans had multi-hit games. Two freshmen, Brad Wegman and Alex Chavarria flaunted the strength of the bullpen as they closed out the game.Finally, in the third win against Oakland to secure the sweep, the Trojans made an 8-0 start. Freshman Mitch Hart got his first collegiate start and spent six innings on the mound, allowing only two runs on five hits with four strikeouts. Despite an early 2-0 deficit, Hart and the Trojan offense rallied to come back and win 7-3. Ramirez hit his first home run of the season in the win.This has been a PSA. If you have not been following the Trojans so far this season, now is the time to start.Regan Estes is a sophomore majoring in public relations and Spanish. She is also the sports editor of the Daily Trojan. Her column, Wild Wild Westes, runs on Tuesdays.last_img read more

Bel defies Ôawful’ weather to lead girls’ championship

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first_img “It was percentage golf. If I got out of position it was a case of don’t try anything stupid, just go for the middle of the green and knock in a few putts here and there.” The approach worked for she managed to complete the inward half in level par, remarking: “I was pleased with my back nine.”  2 Aug 2017 Bel defies Ôawful’ weather to lead girls’ championship Caption: Laughing in the rain: Bel Warde (right) with playing partners Amelia Williamson (left) and Lily May Humphreys (image copyright Leaderboard Photography). Tomorrow the forecast is for winds strengthening to 40mph but Wardle said: “I don’t really look at weather forecasts, I’m just going to turn up and see what I can do.”  At the end of today’s play the field was cut to the leading 40 players and ties who go forward to tomorrow’s final 36 holes. A total of 42 players qualified.  She’s two shots ahead of fellow international Amelia Williamson (Royal Cromer, Norfolk) who was round in level par today. A further stroke back, on three-under, is Martha Lewis (St George’s Hill, Surrey) who was one-over today.  Girl international Bel Wardle defied appalling conditions to take the halfway lead on six-under par in the English girls’ championship at Littlestone, Kent.  She was round in two-under 71 today, remarking afterwards: “It has been awful, just awful. The wind has been so strong and the rain has just been lashing down on the back nine.”  Wardle (Prestbury, Cheshire) negotiated the front nine in two-under but faced a real challenge coming home. “When I went into the back nine I knew I needed to hang on. I was either playing into the wind or cross winds, I don’t think there was a downwind hole, it was just playing long.  There’s a host of players in contention at the halfway stage, including Megan Dennis (Woburn, Buckinghamshire) and Caley McGinty (Knowle, Gloucestershire) on two-under. Overnight leader Annabell Fuller (Roehampton, Surrey) is one-under, alongside  Nicola Slater (Woodsome Hall, Yorkshire) who equalled the low score of the day with her two-under 71.  “I just stuck at it,” said Slater, who has just won the North region ladies’ title. She’s not a great fan of links golf but enjoys adapting to the challenge and said: “I think the weather distracted me, I didn’t focus too much on the score, I just played it as it came.”  “It was really rough out there,” said Lewis. But she gave herself a great start, chipping in for an eagle on the second and then holing a 10ft putt for birdie on the third. She got to the turn in two-under before battling home: “It was good to hang in there in the weather,” she said.  Click here for full scores.last_img read more

Local Election 2019: Daughter’s amazing journey to help dad make it count!

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first_imgA devoted daughter made an amazing journey today to ensure that her dad would not lose out once again after he previously lost his council seat by just ONE vote!Donegal county councillor Jimmy Kavanagh was heartbroken in 2004 when he lost his seat by just one vote in the local elections.His daughter Lea now lives in San Francisco but follows her dad’s political career closely. For the past few weeks while Jimmy’s family and friends were canvassing door to door in Letterkenny for the Fine Gael councillor, Lea felt a little helpless.It didn’t help that the same family and friends kept reminding her how her ONE vote could be the difference to her dad continuing his political career.Leah Kavanagh who made a surprise trip home from America to cast her vote pictured with her father outgoing Cllr Jimmy Kavanagh, her mother Rosin and her sister Michelle Connely and nephew Jack pictured as they all cast their vote in Letterkenny. Yesterday. Photo Brian McDaid.So nothing would do Lea than to make the 7,985km journey to make sure she was able to vote for her beloved dad.She flew in today just in time to put an ‘x’ in the box beside her dad’s name. A delighted Jimmy, who knew nothing of the secret trip, was speechless when Lea turned up at a polling station at Trinity Hal in Letterkenny in Letterkenny.Jimmy told Donegal Daily “I was just speechless. I didn’t now what to say. It’s wonderful to have all the family together now for what hopefully be a great occasion.”Lea, who works in investments in the US, has been in the US for five years but was determined to make the 17-hour journey to vote for her dad.Leah Kavanagh who made a surprise trip home from America to cast her vote pictured with her father outgoing Cllr Jimmy Kavanagh, her mother Rosin and her sister Michelle Connely pictured as they all cast their vote in Letterkenny. Yesterday. Photo Brian McDaid.“I flew into Dublin and then took another flight from Dublin to Carrickfin Airport. It was amazing to fly into Donegal.“I felt so helpless not being able to canvass for him over the past six weeks so hopefully my vote will help him a little. I really do hope he does it again,” she said. All will be revealed on Sunday whether Lea’s marvellous journey was worth it – if her dad gets across the line.Outgoing Fine Gael Cllr. Jimmy Kavanagh’s expression says it all as he spots his daughter Leah who made a surprise trip home from America to cast her vote in Letterkenny yesterday. Photo Brian McDaid.Local Election 2019: Daughter’s amazing journey to help dad make it count! was last modified: May 26th, 2019 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Cllr Jimmy Kavanaghcounty councillor. Leah Kavanaghletterkennysan franciscolast_img read more

Chelsea Ladies on the verge of title glory

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first_imgChelsea Ladies will clinch the Women’s Super League title if they win at Manchester City on Sunday – it would also be the first major trophy of the team’s 22-year history.Emma Hayes’ side are top of the table going into the final round of fixtures and would have been crowned champions with last weekend’s win against Everton had other results gone their way.They are two points above second-placed Birmingham City and three clear of reigning champions Liverpool.Their title rivals are both at home, with Birmingham hosting Notts County and Liverpool facing Bristol Academy.“If we win the league I’ll be in dreamland, but we’ve got a really tough game to end the season and I’m not thinking beyond those 90 minutes,” Hayes said.Even if they are pipped to the title, second place would earn them a place in the Champions League for the first time.See also:Two wins and we’re champions – it’s important for us to stay focusedChelsea youngsters score 12 against VillaFollow West London Sport on TwitterFind us on Facebooklast_img read more

Marco Estrada’s MLB journey from Mexico to Oakland

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first_imgOAKLAND — This whole baseball thing wasn’t exactly Marco Estrada’s cup of tea.Estrada immigrated to the United States from Mexico at the age of five along with his mother, Mariza. Not too long after arriving in Southern California, she immediately encouraged him to try out the sport.It was ultimately the right decision as Estrada has carved out a nice career over 12 big league seasons that includes an All-Star selection in 2016. But Estrada hated baseball so much at first that he almost quit. …last_img read more

PREVIEW DAY TWO ACTION 2007 SENIOR NTL

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first_imgDay Two action of the 2007 Senior NTL will feature an exciting schedule of games that is sure to separate the pretenders from the contenders.After a keenly contested first day in humid conditions, competitors across the seven Senior divisions will be looking to cement good form leading into the final days of competition.Showcase games for the day include Field One action in both the Men’s and Women’s 30 years divisions. In the Women’s 30s division, competition heavyweights Suns and Cyclones will battle for the top spot.Suns, led by current Australian World Cup Men’s Open representative Matt Curran, and Rustlers, spearheaded by 2007 Australian Men’s Open Captain Gavin Shuker, will meet in a high quality encounter on the premier field late in the day.Scorpions and Sharks will tangle for control of the leaderboard in the Men’s 35s division, whilst in the Women’s 40s division Sharks and warm favourites Scorpions will test each other out in an entertaining match up. For all the results and tables for all divisons go to the TFA SPORTINGPULSE WEBSITE8.30amWomen’s 30s:               Scorpions v ACTWomen’s 30s:               Suns v EaglesMen’s 45s:                   Rustlers v ACTMen’s 45s:                   Eagles v HornetsMen’s 45s:                   Suns v Sharks9.20amWomen’s 30s:               Rustlers v SharksWomen’s 30s:               Cyclones v HornetsMen’s 50s:                   ACT v SharksMen’s 35s:                   Sharks v ScorpionsMen’s 35s:                   Suns v CobrasMen’s 40s:                   Scorpions v Rustlers10.10amMen’s 40s:                   Barbarians v EaglesMen’s 40s:                   Cyclones v MetsMen’s 50s:                   Rustlers v CyclonesMen’s 50s:                   Eagles v MetsMen’s 40s:                   Warriors v SunsMen’s 40s:                   Hornets v Sharks11.00amMen’s 30s:                   Warriors v HornetsMen’s 30s:                   Cobras v CyclonesMen’s 50s:                   Hornets v SunsWomen’s 40s:               Scorpions v SharksWomen’s 40s:               Suns v HornetsMen’s 30s:                   Rustlers v Barbarians11.50amMen’s 45s:                   Suns v ScorpionsWomen’s 40s:               Cobras v CyclonesMen’s 50s:                   Scorpions v CobrasWomen’s 30s:               Suns v ScorpionsWomen’s 30s:               Cyclones v ACT12.40pmMen’s 45s:                   Rustlers v HornetsMen’s 45s:                   ACT v SharksMen’s 40s:                   Suns v HornetsWomen’s 30s:               Rustlers v EaglesWomen’s 30s:               Hornets v SharksMen’s 40s:                   Scorpions v Sharks1.30pmMen’s 30s:                   Suns v WarriorsMen’s 35s:                   Sharks v CobrasMen’s 35s:                   Scorpions v MetsMen’s 40s:                   Mets v WarriorsMen’s 40s:                   Eagles v CyclonesMen’s 40s:                   Rustlers v Barbarians2.20pmWomen’s 40s:               Scorpions v SunsWomen’s 40s:               Cobras v SharksWomen’s 40s:               Cyclones v HornetsMen’s 30s:                   Rustlers v HornetsMen’s 50s:                   Cyclones v CobrasMen’s 30s:                   Barbarians v Cyclones3.10pmWomen’s 30s:               Suns v CyclonesWomen’s 30s:               Hornets v RustlersMen’s 50s:                   Mets v SunsMen’s 50s:                   ACT v HornetsMen’s 50s:                   Eagles v ScorpionsMen’s 50s:                   Rustlers v Sharks4.00pmWomen’s 30s:               Sharks v ScorpionsWomen’s 30s:               ACT v EaglesMen’s 45s:                   ACT v SunsMen’s 45s:                   Sharks v EaglesMen’s 45s:                   Hornets v Scorpions4.50pmMen’s 30s:                   Suns v RustlersMen’s 30s:                   Cyclones v WarriorsMen’s 40s:                   Rustlers v MetsMen’s 40s:                   Barbarians v SunsMen’s 40s:                   Scorpions v Eagles5.40pmMen’s 30s:                   Barbarians v CobrasMen’s 35s:                   Sharks v SunsMen’s 35s:                   Cobras v MetsMen’s 40s:                   Cyclones v SharksMen’s 40s:                   Warriors v Hornetslast_img read more

10 months agoSolskjaer: Man Utd players don’t need to be best friends

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first_imgSolskjaer: Man Utd players don’t need to be best friendsby Paul Vegas10 months agoSend to a friendShare the loveManchester United manager Ole Gunnar Solskjaer insists his players do not need to be best friends.He is putting his squad through their paces in Dubai during United’s mid-season warm weather training camp.Solskjaer revealed there have been some friendly arguments after practice games but said he wants to see even more niggle.“You don’t have to be best friends,” said Solskjaer. “The team spirit is great. We had one or two fights, but that’s just the demand, the standards you set.“If the session ends with a little bit of a quarrel I don’t mind that, because it means they’re winners, they want to improve.“If you settle for losing in training, you’ll lose when a game when it really matters.“It’s a long, hard season. You’ve got to deal with the wins, defeats, setbacks and players not playing.“They all want to play, but they all want the best for their mates and everyone understands it’s a team game.” About the authorPaul VegasShare the loveHave your saylast_img read more