It is amazing the lengths some borrowers will go to avoid paying their mortgages while living an a home for free. Mortgages are recorded in the normal course. In this case, however, after the closing where the borrower executed a note and mortgage for $600,00.00 the title closer never recorded the mortgage. To correct this Full Article…
Viewing 1 to 8 of 28 items
Adam Leitman Bailey, P.C. Affirmed by Second Department in Action To Record Duplicate Mortgage
Adam Leitman Bailey, P.C. was retained by a lender to record a mortgage in the chain of title to a property in Brooklyn, New York, where the original mortgage that was executed by the borrower was not recorded and subsequently lost or misplaced. In an effort to avoid her obligations on the mortgage, the borrower Full Article…
Adam Leitman Bailey, P.C. Successfully Prevents a Borrower From Delaying Entry of Judgment of Foreclosure and Sale
After successfully prosecuting a foreclosure action and obtaining summary judgment in favor of its client, Adam Leitman Bailey, P.C. brought a motion for judgment of foreclosure and sale – the last and what should be the simplest step in the foreclosure process before a lender can auction a mortgaged property. However, borrowers often engage in Full Article…
Adam Leitman Bailey, P.C. Successfully Prevents Borrower From Staying a Foreclosure Sale
Adam Leitman Bailey, P.C. was retained by a lender to foreclose a business purpose loan. After successfully prosecuting the foreclosure action and obtaining a judgment of foreclosure and sale, the property was scheduled for auction. On the eve of the foreclosure sale, the borrower filed an Order to Show Cause, with a request for a Full Article…
In a Battle of Foreclosure Actions, Adam Leitman Bailey, P.C. Successfully Leads Second Position Mortgage Lender to Win the Race to the Auction, Resulting in Full Payment
A highly desirable residential condominium unit was the subject of two competing foreclosure actions. ALBPC was retained by the second position lender to commence foreclosure proceedings and also to defend the lender’s interest in the first position lender’s foreclosure action. The first mortgage entered into a modification agreement with the borrower whereby it increased the Full Article…
Adam Leitman Bailey, P.C. Defeats A Borrower’s Brazen Attempt To Dismiss A Foreclosure Action On The Grounds That, Due To Her Own Delays, The Lender Failed To Hold A Foreclosure Sale In Accordance With RPAPL § 1351(1)
RPAPL § 1351(1) requires that a foreclosing lender hold a foreclosure sale within 90 days of the date that the lender obtains a judgment of foreclosure and sale. However, there are various procedural mechanisms a borrower can employ to delay such a sale. Adam Leitman Bailey, P.C. is well-versed in navigating the issues. In a Full Article…
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. 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…
Twitter