Jon Morgan Discusses HOA Lien Foreclosures

Описание: Jon Morgan of Equity Title is welcomed back to Harvey and Shelley's radio show to talk more about Homeowner Association (HOA) lien foreclosures.

All Las Vegas homeowners need to be aware of state laws regarding Homeowner Association liens and foreclosures. A groundbreaking ruling by the Nevada Supreme Court in September 2014 confirmed that HOA liens have super-priority in foreclosures. If association dues have not been paid on a Southern Nevada home for 9 months or more, the HOA can foreclose on the house and auction it off even if there is a mortgage. Given that the association dues in many communities are less than $50 a month, a homeowner could lose their house to foreclosure for being less than $500 behind in HOA fees. The HOA foreclosure will happen faster and over less money than a bank foreclosure for getting behind on your mortgage.

Homebuyers in Clark County also need to cautious when considering the purchase of HOA forclosed homes. Many of these homes will not qualify for or will face restrictions when applying for title insurance. A common practice in a home purchase, title insurance protects against title defects. Before the sale transaction is completed, the title insurance company will search for any problems with the title, including document errors, unrecorded liens, interests of prior owners, fraud, misrepresentation, and more. In most cases, problems can be corrected and the transaction completed. The title insurance policy will then protect the homeowner against any future claims on the title including legal fees for defense in court and compensation for equity if the property is lost due to defect in the title.

As always, please be sure to tune in each and EVERY Saturday at 11 AM to RERNLV on AM720 KDWN.