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Federal National Mortgage Association v. Wine Ridge Place Homeowners Association

United States District Court, D. Nevada

November 12, 2019

FEDERAL NATIONAL MORTGAGE ASSOCIATION; BANK OF AMERICA, N.A. AS SUCCESSOR BY MERGER TO BAC HOME LOANS SERVICING, LP FKA COUNTRYWIDE HOME LOANS SERVICING LP, Plaintiffs,
v.
WINE RIDGE PLACE HOMEOWNERS ASSOCIATION; VENEROSO BPB TRUST; PBB & BPB BUSINESS TRUST; NEVADA ASSOCIATION SERVICES, INC, Defendants.

          ORDER

          RICHARD F. BOULWARE, II UNITED STATES DISTRICT JUDGE

         I. INTRODUCTION

         Before the Court are Plaintiff Bank of America, N.A. (“BANA”) and Federal National Mortgage Association's (“Fannie Mae”) Motion for Summary Judgment and Defendant Wine Ridge Place Homeowners Association's (the HOA) Motion for Summary Judgment. ECF Nos. 28, 29. For the following reasons, the Court grants Plaintiff's motion.

         II. PROCEDURAL BACKGROUND

         Plaintiffs sued Defendants on December 16, 2016. ECF No. 1. Plaintiffs seek declaratory relief that a nonjudicial foreclosure sale conducted in 2011 under Chapter 116 of the Nevada Revised Statutes (“NRS”) did not extinguish Fannie Mae's interest in a Las Vegas property. Id. To obtain the relief, Fannie Mae asserts five claims in the Complaint: (1) declaratory relief under 12 U.S.C. § 4617(j)(3) Defendant PBB & BPB Business Trust (“PBB”); (2) quiet title under 12 U.S.C. § 4617(j)(3) against PBB; (3) declaratory relief under the Fifth and the Fourteenth Amendments to the United States Constitution against all Defendants; (4) quiet title under the Fifth and the Fourteenth Amendments to the United States Constitution against PBB; and (5) permanent and preliminary injunctions against all Defendants. Id. The HOA filed a motion to dismiss or in the alternative for summary judgment on February 17, 2017. ECF No. 17. The Court denied the motion without prejudice and stayed litigation pending resolution of pertinent Ninth Circuit and Nevada Supreme Court proceedings. ECF Nos. 20, 21. The Court lifted the stay on April 10, 2019. ECF No. 27.

         On May 17, 2019, Plaintiffs and the HOA both moved for summary judgment. ECF Nos. 28, 29. Both motions were fully briefed. ECF Nos. 30-34.

         III. FACTUAL BACKGROUND

         The Court makes the following findings of undisputed and disputed facts.[1]

         a. Undisputed facts

         This matter concerns a nonjudicial foreclosure on a property located at 8967 Veneroso Street, Las Vegas, NV 89148 (the “property”). The property sits in a community governed by the HOA. The HOA requires its community members to pay HOA dues.

         Nonparty Dionne Collins borrowed funds from CCSF, LLC dba Greystone Financial Group to purchase the property in July 2006. To obtain the loan, Collins executed a promissory note and a corresponding deed of trust to secure repayment of the note. The deed of trust, which lists Collins as the borrower, CCSF, LLC as the lender, and Mortgage Electronic Registration Systems, Inc., (“MERS”) as the beneficiary, was recorded on July 28, 2006. MERS recorded an assignment of the deed of trust BAC Home Loans Servicing (“BAC”), which merged with BANA in 2011.

         Collins fell behind on HOA payments. From November 2009 through December 2011, the HOA, through its agent, recorded a notice of delinquent assessment lien, followed by a notice of default and election to sell and then a notice of foreclosure sale. On December 16, 2011, the HOA held a foreclosure sale on the property under NRS Chapter 116. Defendant Veneroso BPB Trust acquired the property at the foreclosure sale as recorded in a foreclosure deed on December 21, 2011. All properties acquired by Veneroso BPB Trust were later transferred into PBB & BPB Business Trust pursuant to a court order.

         However, Federal National Mortgage Association (“Fannie Mae”) previously purchased the note and the deed of trust in August 2006. While its interest was never recorded under its name, Fannie Mae continued to maintain its ownership of the note and the deed of trust at the time of the foreclosure. BAC, now BANA through de jure merger, serviced the note and was listed as the beneficiary of the deed of trust, on behalf of Fannie Mae, at the time of the foreclosure.

         The relationship between Fannie Mae and its servicers, is governed by Fannie Mae's Single-Family Servicing Guide (“the Guide”). The Guide provides that servicers may act as record beneficiaries for deeds of trust owned by Fannie Mae. It also requires that servicers assign ...


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