[WSBARP] Condo Association Superpriority Liens vs. FHFA: Ninth Circuit Speaks

[Rob Wilson-Hoss]

Mark, thanks. The issue to me is whether Washington's deed of trust act is
sufficiently different from Nevada's to lead to a different conclusion. The
precise point is not where the Agency, FHFA, as agent for FNMA and FHLMC, is
prior when there is record notice; the issue I have is, when there is no
record notice, how is anyone supposed to know that there is a prior interest
(prior although later-filed or not filed at all by virtue of federal
preemption)? Or whom to name and serve? This decision leaves a very large
mess. No foreclosure lawsuit is safe. Is there a clearing house for finding
out whether a note and/or deed of trust are in the hands of one of these?

 

Rob

 

Robert D. Wilson-Hoss 
Hoss & Wilson-Hoss, LLP 
236 West Birch Street 
Shelton, WA 98584 
360 426-2999

www.hossandwilson-hoss.com
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From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Mark Phelps
Sent: Monday, August 28, 2017 11:04 AM
To: WSBA Real Property Listserv
Subject: [WSBARP] Condo Association Superpriority Liens vs. FHFA: Ninth
Circuit Speaks

 

Listmembers:

 

An FYI that on Friday, per the attached, the Ninth Circuit decided against
condo associations having superpriority liens and in favor of the FHFA as
holder of FNMA and FHLMC loans. It  basically held that as the Nevada
superpriority law conflicted with the FHFA statute, the statute preempted
it. 

 

This decision, while, as it was in line with earlier Nevada DC decisions,
was not unexpected, will impact association disputes on FNMA and FHLMC
loans.

 

Mark J. Phelps

Attorney, Litigation Practice Group Leader

Desh International & Business Law ·  <http://www.deshlaw.com/>
www.deshlaw.com

11400 SE 8th Street, Suite 260, Bellevue, WA 98004

Direct: (425) 242-3398 · Fax: (425) 968-7571

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