11th Circuit Held that HECM Statute Does Not Disallow Lender’s Contractual Right to Foreclose

admin

The Court of Appeals for the 11th Circuit affirmed the district court's decision when it held that the HECM statute, 12 U.S.C. 1715z-20, addressed only HUD's authority to insure reverse mortgage loans and not a lender's contractual right to foreclose. Under the HECM statute, the Secretary of HUD is authorized to establish a mortgage-insurance program […]

11th Circuit Upholds Punitive Damages for Wrongful Foreclosure

admin

The Eleventh Circuit Court of Appeals recently affirmed a jury's award of $ 3 million in punitive damages in a wrongful foreclosure action arising out of an alleged escrow calculation error. In the underlying suit, the plaintiff alleged wrongful foreclosure, conversion, interference with property, and intentional infliction of emotional distress in connection with the foreclosure […]