Bryan Cave Leighton Paisner Banking Blog

Bank BCLP

Reverse Mortgage

Main Content

11th Circuit Rejects Reverse Mortgage Foreclosure Statute-Based Defense

October 11, 2018

Authors

Anne Redcross Beehler

11th Circuit Rejects Reverse Mortgage Foreclosure Statute-Based Defense

October 11, 2018

by: Anne Redcross Beehler

The Eleventh Circuit recently rejected a defense to foreclosure based on a federal statute governing insurance of reverse mortgages by the Department of Housing and Urban Development (“HUD”).

HUD administers a mortgage-insurance program designed to induce lenders to offer reverse mortgage loans to elderly homeowners.  If the loan meets certain conditions, HUD insures against any outstanding balance owed on the loan.  One condition,

Read More

Reverse Mortgage Update: New York Law Mandates New Foreclosure Notices and Certificate of Merit

May 18, 2018

Authors

Greg Sachnik and Cathy Welker

Reverse Mortgage Update: New York Law Mandates New Foreclosure Notices and Certificate of Merit

May 18, 2018

by: Greg Sachnik and Cathy Welker

New York has signed into law an amendment redefining a reverse mortgage as a “home loan.” With this amendment, statutory pre-foreclosure ninety day notices (RPAPL 1304) and a “certificate of merit” (CPLR 3012-b) will be required in all New York reverse mortgage foreclosures. Additionally, New York’s foreclosure settlement conference law (CPLR 3408) now incorporates by reference the new “home loan” definition.

The legislation was

Read More
The attorneys of Bryan Cave LLP make this site available to you only for the educational purposes of imparting general information and a general understanding of the law. This site does not offer specific legal advice. Your use of this site does not create an attorney-client relationship between you and Bryan Cave LLP or any of its attorneys. Do not use this site as a substitute for specific legal advice from a licensed attorney. Much of the information on this site is based upon preliminary discussions in the absence of definitive advice or policy statements and therefore may change as soon as more definitive advice is available. Please review our full disclaimer.