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Hollyvale Rental Holdings, LLC v. Edwards

United States District Court, D. Nevada

September 11, 2017

HOLLYVALE RENTAL HOLDINGS, LLC, Plaintiff,
v.
RAE NOLA EDWARDS, an individual; FEDERAL NATIONAL MORTGAGE ASSOCIATION; QUALITY LOAN SERVICE CORPORATION; All other persons unknown claiming any right, title estate, lien or interest in the real property described in the Complaint adverse to Plaintiff's ownership, or any cloud upon Plaintiff's title thereto; DOES I through V; and ROE Corporations I through V, Defendants. FEDERAL NATIONAL MORTGAGE ASSOCATION, Counterclaimant,
v.
HOLLYVALE RENTAL HOLDINGS, LLC Counter-Defendant.

          HUTCHISON & STEFFEN, LLC JOHN T. STEFFEN BRADLEY G. SIMS ATTORNEYS FOR PLAINTIFF HOLLYVALE RENTAL HOLDINGS, LLC

          ALDRIDGE PITE, LLP LAUREL I. HANDLEY ANTHONY R. SASSI ATTORNEYS FOR DEFENDANT FEDERAL NATIONAL MORTGAGE ASSOCIATION

          STIPULATION TO EXTEND DEADLINES IN SCHEDULING ORDER

         Defendant/Counterclaimant Federal National Mortgage Association (“Fannie Mae”) and Plaintiff/Counter-Defendant Hollyvale Rental Holding, LLC (“Hollyvale”) (and collectively the “Parties”), by and through their respective attorneys of record, hereby stipulate to extend all of the deadlines in the Scheduling Order (ECF No. 15) as follows:

         BACKGROUND & REASONS FOR REQUESTED EXTENSIONS

         This is the Parties' first request to extend the deadlines in the Scheduling Order. As the Court may be aware, this is one of many actions involving a title dispute to real property following a foreclosure sale under NRS 116. Hollyvale claims it has free and clear title following the sale of a super-priority lien, while Fannie Mae's primary defense or counterclaim is that its deed of trust was not extinguished because of the Federal Foreclosure Bar under 12 U.S.C. § 4617(j)(3). Quality Loan is the trustee under Fannie Mae's deed of trust and has taken a non-monetary status position.

         Pursuant to Local Rule 26-1, Hollyvale, Fannie Mae and Quality Loan submitted a Stipulated Discovery Plan and Scheduling Order on May 5, 2017 (ECF No. 14) and the Court issued a scheduling order on May 8, 2017 (ECF No. 15). The Parties have exchanged initial disclosures, have begun written discovery, and have engaged in extensive settlement discussions. These series of events have lead the Parties to believe that additional parties should be added and/or substituted into this case and that all of the deadlines in the Scheduling Order should be extended.

         Since the filing of this lawsuit in January 2017, Hollyvale has transferred its interest in the real property at issue to an affiliate or related entity known as Champery Rental REO, LLC (“Champery”). The Parties are in the process of finalizing a separate stipulation to effectuate the substitution of Champery in the place and stead of Hollyvale. Since the Parties' ultimate goal is to clear up title to the property at issue, whether through adjudication or settlement, Champery should be formally included as a party to this lawsuit.

         Also, Hollyvale/Champery wishes to add the foreclosing HOA and its trustee as defendants to this lawsuit. Fannie Mae has no objection to adding either entity. In fact, adding the foreclosing HOA and its trustee will further assist in settlement efforts as it is believed that the foreclosing HOA or its trustee is still holding excess proceeds of around $70, 000.00 from the sale which will ultimately either need to be distributed pursuant to NRS 116.31164 or may need to be returned to Hollyvale/Champery if the sale is determined to be void. Such funds could be used in furtherance of settlement efforts between Hollyvale/Champery and Fannie Mae. Including both entities should also lead to a final and efficient adjudication as to title and proceeds distribution.

         Further adding to the need for an extension of all deadlines, Hollyvale/Champery and Fannie Mae have engaged in extensive and complex settlement discussions since early to mid-July. Such discussions not only involve the property at issue in this case, but several other properties currently owned by Hollyvale/Champery (or their affiliates) and where Fannie Mae or Freddie Mac is claiming an interest. In other words, Hollyvale/Champery and Fannie Mae/Freddie Mac are attempting to arrive at a global settlement involving all of their properties. Both have spent considerable time over the past two months researching and gathering data on the properties to be included in a proposed global settlement, and more time is still needed. Of course the overarching purpose of such a global settlement is to avoid the time and expense associated with litigation. Both parties are currently optimistic that a global settlement is achievable.

         LR 26-4

         Since the discovery deadline is being affected by this Stipulation, the Parties submit the following pursuant to LR 26-4.

         A. Discovery that has been completed.

         The Parties have exchanged their initial disclosures pursuant to FRCP 26. On August 15, 2017, and in the midst of settlement discussions, Hollyvale served requests for admission, requests for production, and interrogatories on Fannie Mae.

         B. Discovery that ...


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