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

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 […]