Real estate investors in Las Vegas who have been picking up foreclosed property for pennies on the dollar claimed a victory with a Nevada Supreme Court ruling Thursday. The high court ruled that that a super priority lien held by a homeowners association can extinguish a first deed of trust on a property.
The state Supreme Court overturned a Clark County District Court decision and ruled in favor of the investors called SFR Investments Pool 1. The justices agreed with their argument that a foreclosure on a home held by the Southern Highlands Community Association in 2012 wiped out a debt of $885,000 on the property that had been held by U.S. Bank as a first deed of trust.
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