Are you aware that your Arizona HOA holds a super priority lien against your property even though nothing is owed?
In a recent case the Nevada Supreme Court ruled a super priority lien held by a homeowners association extinguishes a first deed of trust on a property. SFR Investments Pool 1, a Las Vegas real estate investment and management firm took the case to court. SFR acquired a Southern Highlands property for $6,000 at an HOA auction, wiping out a debt of $885,000 held by U.S. Bank as a first deed of trust. As to the concern by U.S. Bank that it was unfair to allow a relatively nominal lien stemming from nine months of HOA dues to extinguish a first deed of trust, the court was unsympathetic.
The rising power of HOAs. Any thoughts?