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New FL Reverse Mortgage Decision
Recently, the Third District Court of Appeal in Onewest Bank, N.A.. v. Palmero, Case No. 3D14-3114, (Fla. 3d DCA April 18, 2018) released a new opinion regarding reverse mortgages. The Third District Court of Appeal held that, “the trial court improperly relied on the federal statute regarding reverse mortgages as the defense was not in raised in the foreclosure action.” The background of this case is that the borrower-husband passed away, and the bank sought to foreclose for non-payment, and the trial court concluded that the surviving spouse was not a borrower under the loan but the bank still could not foreclose because’ the federal reverse mortgage statute prohibited foreclosure against a surviving spouse living in the mortgaged residence.
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