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Should HOA liens have superpriority?

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Aug 08, 2015 Views

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In Las Vegas legislation allows for HOA liens recorded by the developer of master planned communities to attach a lien against unpaid HOA dues as the first lien on every parcel of real property. These "superpriority" liens allow foreclosure proceedings to commence when home owners default on HOA dues. Non-judicial foreclosure proceedings satisfy this unpaid debt; however, the primary mortgage liens are left in deficit. The mortgagee, who holds a primary mortgage lien against the same property, is left with little legal recourse for their unsatisfied debt which is far more substantial. The HOA's in Vegas say they cannot wait for banks to act when they need their membership dues paid in order to operate as determined by their CC&R's. What side do you support? Who do you see this affecting the national real estate market?

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Matt Mortensen

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Foreclosures & Investments

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2 answer(s)

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cain velasquez

About 4 years ago

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Diamond

Francois Delille

About 7 years ago

In Texas HOA liens are inferior to mortgage liens and tax liens. I believe it is the way it should be. HOA often make mistakes in their notifications and usually have arcane systems of accounting. Upon foreclosure of an HOA lien, the homeowner has a redemption right.

To sum up, I believe HOA lien should stay inferior.

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Disclaimer: Answers provided are just opinions and should not be accepted as advice.