When common-charge arrears keep piling up with no end in sight, condo boards typically make a motion to foreclose and then another to evict. But there’s a workaround you may not know about. Slow going. When unit-owners fail to pay common charges after a notice to cure, condo boards commence an action similar to what a Full Article…
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A Lender’s Guide To Hiking Through the Retroactive Trails of the Foreclosure Abuse Prevention Act
Lenders in New York are battling backwards to foreclose on loans that are indisputably due and owing. On Dec. 30, 2022, Governor Kathy Hochul signed into law the controversial Foreclosure Abuse Prevention Act (FAPA) in direct response to the New York State Court of Appeals’ decision in Freedom Mtge. Corp. v. Engel, 37 N.Y.3d 1 (2021), Full Article…
Adam Leitman Bailey, P.C. Secures Landmark Decision for Title Insurer Establishing New Precedent Regarding a Title Insurers’ Obligations Related to Consolidated Mortgages
Adam Leitman Bailey, P.C. was retained to defend a title insurer in an action where the lender sought declaratory judgment that a title insurance policy remained in full force and effect. The title insurer issued a title insurance policy in connection with a mortgage in the amount of $1,995,000.00. That mortgage was assigned twice. Thereafter, Full Article…
Adam Leitman Bailey, P.C. Wins a Case of First Impression Under FAPA, Protecting its Client’s Mortgage in a Murky Legal Climate for Lender’s Rights
Adam Leitman Bailey, P.C. was retained by a lender to navigate through the ever-changing foreclosure laws and save the lender’s ability to foreclose. The lender’s foreclosure action was commenced in 2017. The lender moved for summary judgment, and the borrower cross-moved to dismiss, arguing that, per the Second Department’s holding in Bank of America, N.A. Full Article…
Adam Leitman Bailey, P.C. Wins Summary Judgment Despite Attacks on the Servicer’s Limited Power of Attorney and on the Affidavits of Service for the Notices
Adam Leitman Bailey, P.C. was retained by a lender in connection with the foreclosure of a business purpose loan on a residential premises in Suffolk County. Once the firm moved for summary judgment, the defendants argued that the affidavit of a Vice President from the loan servicer and attorney-in-fact to the plaintiff was insufficient to Full Article…
Adam Leitman Bailey, P.C. Quickly Secures Victory for Lender Facing Adverse Possession Claim
Adam Leitman Bailey, P.C. was recently retained by a title company to represent a Lender’s interest in an adverse possession action in Queens. The Lender had commenced an action to foreclose a mortgage against the subject property which resulted in an auction taking place. However, before the closing of the sale could take place, a Full Article…
Adam Leitman Bailey, P.C. Wins Summary Judgment in Multi-Property Business Purpose Loan Contested Foreclosure
Adam Leitman Bailey, P.C. was retained by lender to commence a foreclosure action against a borrower on a business purpose loan that was secured by four properties. Defendant borrower filed an answer with affirmative defenses alleging that Defendant was not delinquent on mortgage payments, and that the Lender was the cause of the default. Adam Full Article…
Adam Leitman Bailey, P.C. Cleans Up A Challenging Foreclosure Case And Secures Summary Judgment In Favor Of The Lender
Adam Leitman Bailey, P.C. was retained by a lender to clean up a messy foreclosure action in which summary judgment had already been denied on the grounds that the lender failed to establish that 90 Day Notices were sent to the borrower in compliance with RPAPL § 1304, a statute that consistently proves to be Full Article…
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