Page 12 - Boca Club News - November '22
P. 12

Page 12, Boca Club News

      Medical Matters from page 11                         Outrageous prescription drug prices in the USA are   available cheaper alternatives. Our TV screens are flooded
                                                        devastating  to  millions  of  people  who  simply  cannot   with commercials lauding a wide variety of prescription
      biopsies adding not only to the cost, but increasing risk and   afford to pay for essential medications and put food on the   medications advising viewers to consult their doctors with
      anguish for the patient. Many small cancers will never grow to   table. Although recent legislation will allow Medicare to   the expectation this will pressure them to prescribe them.
      threaten a patient, and others have already metastasized even   negotiate some drug prices, it doesn’t apply to the private   There are three drug lobbyists in Washington for every
      when discovered at the earliest time. With so many of these   sector. Patients continue to demand, and doctors prescribe,   member of congress! Last year, 72 senators and 302 members
      centers now in existence, there are not enough symptomatic   antibiotics (most notably the ZPac) for a variety of viral   of the House of Representatives cashed a check from the
      patients available, so they are ready to study anyone willing   infections, including the common cold and the flu, where   pharmaceutical industry, representing more than 66% of
      to submit. More than 62 million CT scans were performed last   there is no evidence of any benefit. Not only is this costly,   congress. No wonder why no really major legislation has
      year in the US. One-third of them had no justifiable medical   but it has encouraged the emergence of bacteria such as the   been passed to significantly reduce drug prices.
      reason, which translates into 20 million adults and one million   “Super Bugs” MERSA and C. Difficile infections that are      Another factor is the continued practice of very expensive
      children. CT scans give 30 to 50 times the radiation exposure   resistant to antibiotics and are seen with increasing frequency   protracted late-stage, hopeless intensive care of terminally
      of a chest X-ray. It is estimated that in the next decade 2% of   in hospitals and in the community, resulting in over 100,000   ill patients. In this situation, many would agree that it would
      all cancers will be directly attributed to the radiation received   deaths annually.                 make more sense to concentrate efforts to reduce a patient’s
      from CT scans. Patients who are told their whole-body scans      Drug company representatives have been successful in   suffering,  not  prolong  it.  Hospice  is  a  much-preferred
      are negative are led to the erroneous belief that this means   inducing doctors to prescribe new, very expensive products   alternative.
      they are free of cancer.                          that often offer little more than older, time-honored, widely      (In next month’s column...Part 2)

      Due on Sale Clause

      By Michael J Posner, Esq., a partner                  If all or any part of the Property or any Interest in the   loan. Today, most lenders will not even consider allowing
      in Ward Damon P.L. a mid-sized real                Property is sold or transferred (or if Borrower is not a   a mortgage to be assumed, in part, because most mortgages
      estate and business-oriented law firm              natural person and a beneficial interest in Borrower is sold or   are not held by individual lenders but are held by large
      serving all of Florida, with offices in            transferred) without Lender’s prior written consent, Lender   institutions as part of a mortgage securitization package.
      Palm Beach and Lee County. They                    may require immediate payment in full of all sums secured      In addition, given that we are in a rising interest rate
      specialize in real estate law and can              by this Security Instrument. However, this option shall not   economy it would make no sense for a lender to approve an
      assist sellers and purchaser with                  be exercised by Lender if such exercise is prohibited by   assumption at a lower than market rate. The most obvious
      closing and financing of residential               Applicable Law.                                   trigger of a due on sale clause is the transfer of property
      and commercial real estate including                  Traditionally, mortgages were freely assumable, which   by deed. Even if the new buyer continues to make monthly
      remote closings. They can be reached at (561) 594-1452 or   meant that on the sale of any property encumbered by a   payments the lender will become aware of the transfer either
      at                         mortgage the buyer would take subject to the mortgage,   due to the receipt of payment from third party or when they
         The most commonly used mortgage in Florida is the   but that the lender could not foreclose the loan as a result   receive the next tax bill, which will show a new owner
      Single Family—FNMA/Freddie Mac Uniform Instrument.   of the sale. The seller would remain liable under the note   instead of the original borrower.
      This form is used in over ninety percent of residential   and the loan would be nonrecourse to the buyer whose only      Some  people  use  a  wrap  mortgage  to  maintain  the
      mortgage closings. It states: Transfer of the Property or   risk for nonpayment would be a foreclosure.  illusion of the monthly payment from the original borrower.
      a Beneficial Interest in Borrower. As used in this Section      Mortgages  then  became  assumable  only  with  the   The wrap mortgage is a second mortgage encumbering the
      18, “Interest in the Property” means any legal or beneficial   consent of the lender. This required a buyer to apply to   property in an amount equal to or greater than the original
      interest in the Property, including, but not limited to, those   assume a mortgage and to agree to be personally liable   mortgage. The buyer pays monthly payments on the wrap
      beneficial interests transferred in a bond for deed, contract   under the note secured by the mortgage. Many lenders, in   mortgage to the seller, who then continues to make payments
      for deed, installment sales contract or escrow agreement,   a declining interest rate market, would be willing to allow   to the first mortgage lender.
      the intent of which is the transfer of title by Borrower at a   an assumption of mortgage in exchange for certain fees
      future date to a purchaser.                        and an approval of the buyer in the same manner as a new   Legal on page 14

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