Bradley Attorneys Jay Wright and Aaron Chastain Featured in Mortgage Daily on Decision for Reverse Mortgage Lenders

Mortgage Daily

Media Mention

Bradley attorneys Jay Wright and Aaron Chastain were featured in Mortgage Daily on a decision addressing the rights of non-borrowing surviving spouses from a Florida appeals court that bodes well for reverse mortgage lenders. In OneWest Bank, FSB, v. Luisa Palmero, et al., the court found that the defendant waived her rights under a federal reverse mortgage statute because she didn't properly plead lack of standing and fraud.

Wright and Chastain called the decision a significant victory for reverse mortgage lenders.

"Palmero demonstrates that a lender may demonstrate that the surviving spouse is not a 'borrower' under the mortgage by introducing the other documents executed at the time the loan is originated -- most significantly, the non-borrower spouse ownership interest certification, in which the non-borrowing spouse expressly recognized the fact that the borrower's death would allow the lender to accelerate the loan and proceed to foreclosure," Wright stated.

The complete article, “Appeals Court Decision a Win for Reverse Lenders,” appeared in Mortgage Daily on May 1, 2018.