Saturday, June 2, 2012

Nev. High Court OKs HOA Squeeze On F'closure Purchasers; Says State Regulator Erred In Capping 'The Clip' On Association Assessments, Collection Costs

In Las Vegas, Nevada, Vegas Inc. reports:

  • Nevada homeowner associations and their collection agencies have prevailed in the latest court ruling in disputes over collection costs for unpaid HOA assessments.

  • The Nevada Supreme Court on Wednesday ruled the state Financial Institutions Division (FID) was wrong to cap the assessments and collection costs that purchasers of foreclosed homes must pay. These assessments and costs typically accumulate for months while the homes sit vacant during the foreclosure process.

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