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Federal National Mortgage Association v. BFP Investments 4 LLC

United States District Court, D. Nevada

April 27, 2018

FEDERAL NATIONAL MORTGAGE ASSOCIATION, Plaintiffs,
v.
BFP INVESTMENTS 4 LLC, Defendants.

          ORDER

          JAMES C. MAHAN, UNITED STATES DISTRICT JUDGE

         Presently before the court is plaintiff Federal National Mortgage Association's (“Fannie Mae”) motion for summary judgment. (ECF No. 28). Defendant BFP Investments 4 LLC (“BFP”) filed a response (ECF No. 38), and plaintiff filed a reply (ECF No. 40).

         Also before the court is defendant's motion to dismiss. (ECF No. 12). Plaintiff filed a response (ECF No. 18), to which defendant replied (ECF No. 19).

         Also before the court is defendant's motion for summary judgment. (ECF No. 39). Plaintiff filed a response (ECF No. 41), to which defendant replied (ECF No. 42).

         Also before the court is plaintiff's motion to schedule summary judgment briefing. (ECF No. 17). Defendant filed a response (ECF No. 23), to which plaintiff replied (ECF No. 26).

         I. Introduction

         This action involves the parties' interests in real property located at 4312 Desert Haven Avenue, North Las Vegas, Nevada, 89085 (“the property”). (ECF No. 1).

         a. Plaintiff's interest in the property

         In 2006, Stephanie and Douglas Halvorson obtained title to the property via a grant bargain sale deed. (ECF No. 1). On September 15, 2006, the Halvorsons obtained a loan from Mountain States Mortgage Centers Inc. (“MSMC”) for $238, 180, evidenced by a promissory note. Id. The note was secured by a deed of trust to secure repayment of the loan. Id. MSMC was the trustee, and Mortgage Electronic Registration Systems (“MERS”) was the beneficiary, solely as nominee for MSMC and its successors and assigns. Id. The property is subject to Covenants, Conditions, and Restrictions in favor of Prescott Park Homeowners Association (“the HOA”). Id.

         Plaintiff alleges that “[i]n October 2006, Fannie Mae acquired ownership of the Loan, including the Note and Deed of Trust.”[1] Id. On September 15, 2010, MERS assigned its beneficial interest in the deed of trust to BAC Home Loans Servicing, LP fka Countrywide Home Loans Servicing LP (now known as “BANA”). Id. Plaintiff alleges that BANA was the servicer of the loan for Fannie Mae at the time. Id. On October 29, 2014, BANA assigned its interest in the deed of trust to plaintiff Fannie Mae. Id.

         b. Defendant's interest in the property

         On January 24, 2014, Nevada Association Services, Inc. (“NAS”) recorded a notice of delinquent assessment lien against the property on behalf of the HOA. Id. On March 12, 2014, NAS recorded a notice of default and election to sell on behalf of the HOA. Id. On August 15, 2014, NAS recorded a notice of foreclosure sale on behalf of the HOA. Id.

         On September 5, 214, the HOA conducted a non-judicial foreclosure sale, at which defendant was the successful bidder. Id. On September 8, 2014, a foreclosure deed was recorded, listing defendant as the purchaser at the HOA foreclosure sale. Id.

         c. Plaintiff's complaint

         Plaintiff challenges defendant's conduct surrounding the September 5, 2014, HOA foreclosure sale and seeks to preserve its pre-sale interest in the property. Id. Plaintiff alleges the following causes of action: (1) declaratory relief under 12 U.S.C. § 4617(j)(3); (2) quiet title under 12 U.S.C. § 4617(j)(3); (3) declaratory relief under the Fifth and Fourteenth Amendments of the United States Constitution; (4) quiet title under the Fifth and Fourteenth Amendments of the United States Constitution; (5) declaratory relief based on commercial unreasonability; and (6) quiet title based on commercial unreasonability. (ECF No. 1).

         II. Legal Standard

         a. Motion for ...


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