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Collegium Fund Series 32 v. Snyder

United States District Court, D. Nevada

March 16, 2018

COLLEGIUM FUND SERIES 32, Plaintiff(s),
v.
MARK DANIEL SNYDER, et al., Defendant(s).

          ORDER

         Presently before the court is defendants/counter-claimants Wells Fargo Bank, N.A. (“Wells Fargo”) and Federal Home Loan Mortgage Corporation's (“Freddie Mac”) motion for reconsideration. (ECF No. 57). Plaintiff/counter-defendant Collegium Fund Series 32 (“Collegium”) filed a response (ECF No. 65), to which Wells Fargo and Freddie Mac replied (ECF No. 66).

         Also before the court is Collegium's stipulation for an extension of time to respond to Wells Fargo and Freddie Mac's motion for reconsideration. (ECF No. 58).

         I. Facts

         This case involves a dispute over real property located at 1796 Nuevo Road, Henderson, Nevada 89014 (the “property”). On October 18, 2006, Mark Daniel Snyder (“Snyder”) obtained a loan from Wells Fargo in the amount of $134, 500.00 to purchase the property, which was secured by a deed of trust recorded on November 19, 2007. (ECF No. 1-2).

         On December 12, 2006, Freddie Mac purchased the loan and Wells Fargo began servicing the loan on Freddie Mac's behalf pursuant to Freddie Mac's single-family seller/servicer guide (“the guide”). (ECF No. 26-2). Neither Freddie Mac nor Wells Fargo recorded the assignment.

         On September 6, 2008, pursuant to the Housing Economic Recovery Act of 2008, 12 U.S.C. § 4617 et seq. (“HERA”), Federal Housing Finance Agency's (“FHFA”) director placed Freddie Mac into conservatorship.

         On June 5, 2012, Absolute Collection Services, LLC (“ACS”), acting on behalf of Nuevo Vista Homeowners Association, Inc. (the “HOA”), recorded a notice of delinquent assessment lien. (ECF No. 1-2). On May 16, 2013, ACS recorded a notice of default and election to sell to satisfy the delinquent assessment lien. (ECF No. 1-2). On November 4, 2013, ACS recorded a notice of trustee's sale. (ECF No. 1-2).

         On January 16, 2014, Collegium purchased the property for $63, 500.00 at the HOA foreclosure sale. (ECF No. 1-2). A trustee's deed upon sale in Collegium's favor was recorded on January 16, 2014. (ECF No. 1-2).

         FHFA did not consent to any purported extinguishment of Freddie Mac's ownership interest in the property. (See, e.g., ECF No. 26-12).

         On October 9, 2015, Collegium filed (in state court, case no. A-15-725950-C) the underlying complaint against Snyder and Wells Fargo, alleging five causes of action: (1) quiet title; (2) declaratory relief; (3) unjust enrichment; (4) injunctive relief; and (5) award of attorney's fees and costs. (ECF No. 1-2).

         On November 30, 2015, Wells Fargo filed (in state court) an answer and counterclaim against Collegium, ACS, and the HOA for declaratory relief, wrongful foreclosure, violation of NRS 116.1113, intentional interference with contract, and quiet title. (ECF No. 1-2).

         On February 26, 2016, the HOA filed (in state court) a crossclaim against ACS for implied indemnity, contribution, apportionment, express indemnity, breach of contract, and declaratory relief. (ECF No. 1-2).

         On June 23, 2016, the state court granted Freddie Mac's motion to intervene. (ECF No. 1-2). On July 12, 2016, Freddie Mac removed the action to federal court pursuant to 28 U.S.C. §§ 1442 and 1446 and 12 U.S.C. § 1452(f). (ECF No. 1). On July 13, 2016, Freddie Mac filed an answer and counterclaim for declaratory relief against Collegium, ACS, and the HOA and quiet title against Collegium. (ECF No. 3).

         On September 29, 2016, the HOA filed an answer to Freddie Mac's counterclaim and a second crossclaim against ACS, which is virtually identical to the crossclaim ACS previously ...


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