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My Home Now, LLC v. Bank of America, N.A.

United States District Court, D. Nevada

November 14, 2019

MY HOME NOW, LLC, Plaintiff,
v.
BANK OF AMERICA, N.A., Defendants. FEDERAL HOUSING FINANCE AGENCY FEDERAL NATIONAL MORTGAGE ASSOCIATION, Counter Claimant,
v.
WESTPARK COMMUNITY ASSOCIATION MY HOME NOW, LLC, Counter Defendant,

          ORDER

          RICHARD F. BOULWARE, II, UNITED STATES DISTRICT JUDGE.

         I. INTRODUCTION

         Before the Court are Defendant Bank of America, N.A. (“BANA”), Counterclaimants Federal Housing Finance Agency (“FHFA”), and Federal National Mortgage Association's (“Fannie Mae”) Motion for Summary Judgment (“Joint Motion for Summary Judgment”), and Defendant Bank of America, N.A's Motion for Summary Judgment. ECF Nos. 90, 91. For the following reasons, the Court grants the Joint Motion for Summary Judgment.

         II. PROCEDURAL BACKGROUND

         Plaintiff My Home Now, LLC (“My Home Now”) sued Defendant Bank of America, N.A, (“BANA”) in the Eight Judicial District Court of Nevada on October 6, 2014. ECF No. 1-1. In its complaint, My Home Now sought declaratory relief that it acquired property at a homeowner association (HOA) foreclosure sale free from any security interest asserted by BANA. My Home Now also asserted an unjust enrichment claim and requested preliminary and permanent injunctive relief. BANA removed the case to federal court on November 24, 2014. ECF No. 1. BANA filed its answer on November 25, 2014. ECF No. 4. On July 13, 2015, the Court granted the FHFA and Fannie Mae's Motion to Intervene. ECF No. 44. FHFA and Fannie Mae answered and asserted declaratory and quiet title claims against My Home Now and Westpark Community Association (the “HOA”) on July 23, 2015. ECF No. 45.

         My Home Now, LLC filed a motion for summary judgment. ECF No. 32. BANA also filed a motion for summary judgment. ECF No. 42. On February 25, 2016, the Court denied both motions without prejudice, and reopened discovery for 120 days limited to 1) BANA's alleged tender to the HOA, 2) whether BANA was Fannie Mae's servicer/agent for the note attached to the property at the time of the HOA foreclosure sale, and 3) whether and when Fannie Mae acquired its interest in the property. ECF No. 72. On November 22, 2016, the Court administratively stayed case pending the Ninth Circuit's mandate in the case Bourne Valley Court Trust v. Wells Fargo Bank and denied all pending motions without prejudice. 832 F.3d 1154 (9th Cir. 2016), cert denied 137 S.Ct. 2296 (2017). The Court lifted the stay on April 8, 2019. ECF No. 89. Both motions for summary judgment currently before the Court were filed on May 13, 2019. ECF Nos, 90, 91. Both motions were fully briefed. ECF Nos. 92, 93, 94.

         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 11315 Colinward Avenue, Las Vegas, Nevada 89135 (the “property”). The property sits in a community governed by the HOA. The HOA requires the community members to pay community dues.

         Nonparties Patrick K. Haro and Noraishah Samsuddin borrowed funds from Ryland Mortgage Company to purchase the property in 2007. To obtain the loan, Haro and Samsuddin executed a promissory note and a corresponding deed of trust to secure repayment of the note. The deed of trust, which lists Haro and Samsuddin as the borrowers and Ryland Mortgage Company as the lender, and Mortgage Electronic Registration Systems, Inc., (“MERS”) as the beneficiary solely as nominee, was recorded on December 14, 2007. On December 6, 2011, MERS, as nominee for the lender, recorded an assignment of the deed of trust to BANA.

         Haro and Samsuddin failed to pay the required HOA dues. From March 30, 2010 through January 3, 2014 the HOA, through its agent, recorded a notice of delinquent assessment lien concerning past-due assessments, followed by a subsequently recorded notice of default and election to sell and then a notice of foreclosure sale. On June 27, 2014, the HOA, through its agent, held a foreclosure sale on the property under NRS Chapter 116. My Home Now purchased the property at the foreclosure sale. A foreclosure deed in favor of My Home Now was recorded on June 30, 2014.

         However, Fannie Mae previously purchased the note and the deed of trust in February 2008. 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 sale. BANA serviced the note on behalf of Fannie Mae at the time of the foreclosure sale.

         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 ...


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