In Nevada, B of A has had enough, and on October 16, the bank filed a lawsuit alleging various modes of malfeasance by homeowners associations exercising control over properties foreclosed by the Bank.
The gist of B of A's complaint is one that Texas property owners regularly voice when they fall behind in HOA dues and assessmemnts -- the penalties, late fees, attorneys' fees and other collection costs are substantial, and are unjust. It seems that HOAs in Nevada are rejecting B of A's tender of payments that don't inlude those annoying extra costs of collecting HOA assessments. Then, after refusing payment of assessments (only), the HOAs are refusing to remove liens, preventing the Bank from passing clear title to buyers at foreclosure sales.
However, the bank has a differnt angle on the HOA upcharges, which it alleges are not afforded priority lien status under Nevada mortage laws. That is, as a secured lender, with a securitized lien interest in the property, B of A believes that the attorneys' and related HOA collection fees don't have equal lien rights. Thus, the Bank has asked the District Court of Clark County, Nevada to decide what priority should be assigned to the various components of HOA charges against foreclosed properties.
The full story can be seen here: Bank of America sues Nevada homeowner associations - www.ktnv.com
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