WVMF Funding v. PalmeroAnnotate this Case
In this foreclosure case, the Supreme Court quashed the decision of the Third District Court of Appeal failing to follow precedent and concluding that the term "Borrower" means something different than both the mortgage and the note define it to mean, holding that the court of appeal erred in affirming the trial court's denial of foreclosure.
Petitioner's predecessor sought to foreclose on a mortgage that secured the loan. Respondents, Luisa Palmero and her children, defended against the foreclosure action by arguing that Luisa was not a co-borrower under the mortgage. The trial court ruled that Luisa was not a co-borrower but denied foreclosure based on a federal statute. The Third District held that the trial court erred by relying on the federal statute to deny foreclosure and ruled that, as a matter of law, the mortgage unambiguously defined Luisa as a "Borrower." Thus, the Third District affirmed the denial of foreclosure. The Supreme Court reversed, holding that the Third District erred in affirming the trial court's denial of foreclosure on the ground that, as a matter of law, Luisa was a surviving co-borrower.