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Champery Rental REO LLC v. Rae Nola Edwards

United States District Court, D. Nevada

July 23, 2018

CHAMPERY RENTAL REO, LLC, Plaintiff,
v.
UNKNOWN HEIRS OF RAE NOLA EDWARDS; FEDERAL NATIONAL MORTGAGE ASSOCIATION; QUALITY LOAN SERVICE CORPORATION; KERN & ASSOCIATES, LTD.; SPRINGLAND VILLAGE HOMEOWNERS ASSOCIATION; All other persons unknown claiming any right, title, estate, lien or interest in the real property described in the Complaint adverse to Plaintiffs ownership, or any cloud upon Plaintiffs title thereto; DOES I through V; and ROE Corporations I through V, Defendants. FEDERAL NATIONAL MORTGAGE ASSOCIATION, Counterclaimant,
v.
CHAMPERY RENTAL REO LLC, Counter-Defendant. SPRINGLAND VILLAGE HOMEOWNERS ASSOCIATION, Counterclaimant,
v.
CHAMPERY RENTAL REO, LLC, Counter-Defendant. SPRINGLAND VILLAGE HOMEOWNERS ASSOCIATION, Cross-Claimant,
v.
UNKNOWN HEIRS OF RAE NOLA EDWARDS; 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; GMAC MORTGAGE, LLC; MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC.; OCWEN LOAN SERVICING, LLC; HOLLYVALE RENTAL HOLDINGS, LLC; CHAMPERY REAL ESTATE 2015, LLC; HOLLYVALE RENTAL HOLDINGS 2015, LLC; ALL THOSE CLAIMING AN INTEREST IN 2614 SUNNY SLOPE DRIVE #3, SPARKS, NV 89434; DOES I through V; and ROE Corporations I through V, Cross-Defendants.

          KERN & ASSOC1A TES, LTD. Karen M. Avar be. Esq. Attorneys for Springland Village Homeowners Association

          HUTCHINSON & STEFFEN, PLLC Matthew K. Schriever. Esq. Attorneys for Champery Rental REO, LLC

          ALDRIDGE PITE, LLP Jory Garabedian. Esq. JORY GARABEDIAN, ESQ. Attorneys for Federal National Mortgage Association

          STIPULATION AND ORDER FOR DISBURSEMENT OF SURPLUS FUNDS AND DISMISSAL OF INTERPLEADER

         Cross-Claimant/Counter-Clairaant Springland Village Homeowners Association (the "Association"), by and through its counsel, Kern & Associates Ltd., Plaintiff/Counter-Defendant Champery Rental REO LLC ("Champery"), by and through its counsel Hutchinson & Steffen, and Defendant/Cross-Defendant Federal National Mortgage Association ("Fannie Mae"), by and through its counsel Aldridge Pite, hereby state, agree, and stipulate as follows:

         1. This action arises from the Association's NRS Chapter 116 assessment lien foreclosure sale of certain real property identified below, and the legal dispute as between Champery and Fannie Mae concerning the legal effect of the Association's foreclosure on Fannie Mae's deed of trust.

         2. The Association filed its Counterclaim and Cross-Claim in Interpleader on March 9, 2018 ("Interpleader Action" DE 81 and 82). The Association's Interpleader Action contains a single claim to distribute surplus funds, less fees and costs incurred by the Association in connection with the Interpleader Action, remaining from the August 19, 2016 foreclosure sale of that certain real property located in Sparks, Nevada, commonly known as 2614 Sunny Slope Drive, #3, Sparks NV, 89434, and more particularly described as:

         PARCEL 1:

UNIT 3 IN BUILDING 12 OF SPRINGLAND VILLAGE UNIT NO. IB (A CONDOMINIUM SUBDIVISION), AS SHOWN ON THE MAP THEREOF, FILED IN THE OFFICE OF THE COUNTY RECORDER OF WASHOE COUNTY, NEVADA, ON MARCH 23, 1982, FILE NO. 786846, TRACT MAP NO. 2038. PARCEL 2:
AN UNDIVIDED 1/86™ INTEREST IN THE COMMON AREA OF SPRINGLAND VILLAGE UNIT NO. IB (A CONDOMINIUM SUBDIVISION), AS SHOWN ON THE MAP THEREOF, FILED IN THE OFFICE OF THE COUNTY RECORDER OF WASHOE COUNTY, NEVADA, ON MARCH 23, 1982.

         ("Subject Property") and is also identified as APN 030-328-11.

         3. The Counter-Defendant and Cross-Defendants named herein are all parties who may have an interest in the Subject Property and the surplus funds remaining after the Association's foreclosure of the Property, as provided for in NRS 116.31164(7)(b).[1]The statute sets forth the distribution priority of funds following an association's assessment lien foreclosure sale conducted pursuant to NRS 116.3116 et seq.

         4. The Association foreclosed its lien for delinquent assessments in accord with the provisions set forth in NRS 116.3116 et seq and sold the Subject Property to the highest bidder Cross-Defendant Hollyvale Rental Holdings, LLC ("HRH"), predecessor in interest to Champery, for the sum of $80, 000.00. After payment of the unpaid assessments and permitted foreclosure fees, surplus funds remain in the sum of $69, 200.00 ("Surplus Funds") and which are held in trust by the Association's undersigned counsel, Kern & Associates, Ltd.

         5. The Association, through its counsel, has undertaken efforts to locate and serve the Counter-Defendant and numerous Cross-Defendants named herein who may have an interest in the Surplus Funds from the above-referenced foreclosure sale.

         6. Counter-Defendant Champery was served with a copy of the Interpleader Action on or about March 9, 2018 and filed ...


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