Greenspoon Marder Financial Services Update – State of Florida

News Jun 17, 2020 Fort Lauderdale, FL

State of Florida – Reverse Mortgage Case Law Update

Florida Supreme Court Accepts Jurisdiction to Review Onewest v. Palmero

On May 20, 2020 the Florida Supreme Court advised that it was accepting jurisdiction to review Onewest Bank , FSB v. Palermo (3D14-3114).

This is a reverse mortgage case involving the designation of the non-borrowing spouse as a borrower by looking solely at the language in the mortgage rather taking into consideration additional loan documents or the intent of the parties. The initial brief filed on June 9, 2020 requests that the Supreme Court quash the current holding for two reasons:

1) the current holding stands in express and direct conflict with the Court’s precedent requiring that a mortgage and note shall be construed together, with any conflicts resolved in favor of the note; and
2) the current holding stands in express and direct conflict with the Court’s precedent regarding the application of the mutual construction doctrine.

The order accepting jurisdiction by the Supreme Court states that oral arguments will be set by separate order with the answer brief due on or before July 9, 2020.

Our office will continue to keep you informed regarding this important case.

About Greenspoon Marder

Greenspoon Marder LLP is a full-service law firm with nearly 250 attorneys and more than 20 office locations across the United States. With operations from Miami to New York and from Denver to Los Angeles, our firm attracts some of the nation’s top talent in key markets and innovation hubs. Our core practice areas include Real Estate, Litigation, and Transactional Services, complemented by the capabilities of a full-service firm. Greenspoon Marder has upheld a spot on The American Lawyer’s Am Law 200 as one of the top law firms in the U.S. since 2015, and our goal is to provide exceptional client service by developing a thorough understanding of each client’s business needs and objectives in order to provide strategic, cost-effective solutions.

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This Greenspoon Marder LLP Client Alert is issued for informational purposes only and is not intended to be construed or used as general legal advice nor a solicitation of any type. Please contact the author(s) or your Greenspoon Marder LLP contact if you have any questions regarding the currency of this information. The hiring of a lawyer is an important decision. Before you decide, ask for written information about the lawyer’s legal qualifications and experience.

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