Reverse Mortgage Lendersback mortgage lender
Financial Attorneys for Reverse Mortgage Lenders | Banks & Financial Institutions Law Office | Practices & Industries
Home Equity Conversion Mortgage (HECM, better known as reverse mortgage) acts for originating banks, private equity firms, service providers and other mortgage creditors throughout the state. Our firm advises our principals on the various challenges they face in relation to these individual mortgages and the related legal and compliance obligations of the Department of Housing and Urban Development (HUD).
In addition, we support reverse mortgage firms with reverse mortgage checks by the Consumer Financial Protection Bureau (CFPB). Our company has considerable expertise in working with various HUD departments in relation to HUDs, which includes the HECMs: We provide advice on a variety of hot-button matters relating to reverse mortgage loans, such as The firm's litigation practice has included litigation and appellate representation in almost all U.S. countries, as well as reverse mortgage proceedings in Florida, New York, North Carolina and Texas.
Finding out who is a borrower under a reverse mortgage | Insights and Incidents
Lawyers who represent the finance sector know that the 2007-2008 fiscal turmoil led to a surge of enforcement across the nation as borrower fought to make mortgage repayments. In many states, the abrupt rise in the amount of enforcement proceedings necessitated judicial authorities to tackle a problem that had not been fully solved or declared in more affluent times:
What do you do to find out whether a creditor (or the lender's representative) is available to prosecute enforcement? But during the dispute about whether the claimant was the right one, the parties seldom asked whether enforcement was initiated against the right one. The lenders generally realized that the individual who had subscribed to the bond certifying the mortgage was the " borrowing " for this one.
Assuming that the debtor owns the mortgage with another party, each of the owners would perform the mortgage and each of the owners would be the object of an enforcement suit by the creditor if the credit was in arrears. In recent years, the dispute over reverse mortgage has shown that analyzing it may not be so easy.
Starting with two rulings of the Florida 3rd District Court of Appeal, the tribunals have found a lapse of lucidity over who the "borrower" is under a reverse mortgage vehicle. For the first time, the full text was published in the Westlaw Journal Bank & Lender Liability on August 20, 2018.