New York Attorney Cathy Welker was quoted Jan. 27 by Reverse Mortgage Daily regarding a reverse mortgage court decision in Florida that could have an impact on loans in other states. “It appears to me that the Court in this case correctly interpreted the contract before it,” said Welker, who summarized the findings of the case in a recent blog post. “Where mortgage contract language makes clear that acceleration is optional at the mortgagee’s election, a definitive statement is necessary to accelerate the debt. Here, the Court refused to find an acceleration based on the default of the borrower because that is not how the mortgage contract in this case was written.” Dallas Counsel Greg Sachnik also contributed to the article. The article can be viewed here.

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