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Jeffrey Liggio
Jeffrey Liggio
Attorney • 877-604-3100

Reverse Mortgages and Mortgage Servicing: What we continue to learn is disturbing

3 comments

Last September, I posted about reverse mortgages here.

We agreed to represent our client, Mrs. Gravlin 4 days before the trial was scheduled in the foreclosure action.  She had a reverse mortgage, they were foreclosing on her (despite what you might have seen on TV commercials, you can lose your house…..)

Mrs. Gravlin had been dropped by her previous attorney, (that’s a whole other subject and potential future blog post), and she was 4 days from the trial, and subsequent entry of final judgment, where she would lose her home.  We immediately sought an emergency continuance, filed amended affirmative defenses and a rough counterclaim on her behalf, that we posted and linked to my earlier post.

Since then, our investigation has continued, and we’ve received some significant discovery from the opposing side.  It is so much worse than we thought….

We just filed an amended counterclaim that I believe accurately recounts the events, identifies the appropriate parties, and adds several very serious causes of action.  We’ve posted that amended counterclaim, including all of the exhibits to that counterclaim here.

I’ll close with two important bits of advice:  1)  If you have an elderly loved one, who was induced to get one of these reverse mortgages, take the time to compare their situation with our client, Mrs. Gravlin’s.  There may be some help for them.  and;  2)  If you are even considering a reverse mortgage please read the links I posted in my previous post, and do some real, in depth, research first.

Just like I ended the post in September, stay tuned….

3 Comments

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    […] Reverse Mortgages and Mortgage Servicing: What we continue to learn is disturbing We agreed to represent our client, Mrs. Gravlin 4 days before the trial was scheduled in the foreclosure action. She had a reverse mortgage, they were foreclosing on her (despite what you might have seen on TV commercials, you can lose your house…..). Read more on Legal Examiner […]

  2. Tobin Smith says:
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    I can see where someone may believe there was some inappropriate handling of this account its also very obvious that the attorney knows nothing at all about how a reverse mortgage works and furthermore will only hurt this woman’s chances of helping her. Do some research man. Poorly written argument and article.

  3. Dan Hultquist says:
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    I have read the claims and counterclaims in this case, and can’t see anywhere that the reverse mortgage is at fault.

    Mr. Liggio’s claims involve only the mishandling of the product. That is no reason to condemn the reverse mortgage. This is no different than cursing the burger, when you ordered a chicken sandwich. The burger did nothing wrong, so place the blame properly.

    Simply posting misguided press releases (that are up to 6 years old) is not a valid way to debate the merits of this tool. Reverse Mortgages are safer and stronger than ever, and the financial planning community is continually releasing new research on its prudent uses.

    I’ll “stay tuned.” If Mr. Liggio can produce anything that is truly “disturbing” I’ll be anxious to read it.