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…
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Adam Leitman Bailey, P.C. Prevails in the Appellate Division by Successfully Defending Against Claim that its Client’s Complaint Should Have Been Stricken
In a heavily litigated foreclosure action that has had multiple motions and appeals, the borrower appealed from a decision of the Court that denied her motion to dismiss Plaintiff’s complaint pursuant to CPLR § 3126(c). The borrower argued that Plaintiff failed to comply with her discovery demands and dismissal of the complaint was warranted. Plaintiff Full Article…
In a Shareholder Derivative Action, Adam Leitman Bailey, P.C. Preserves Lender’s $2.9 Million Dollar Mortgage
Adam Leitman Bailey, P.C. was retained by a title company to represent a lender in a shareholder derivative action which was commenced by a limited partner, individually and on behalf of the partnership, alleging that the general partners were using the partnership as their own personal piggy bank taking out millions of dollar in unauthorized Full Article…
Avoiding Usury: Determining the Maximum Interest That Can Be Legally Charged
Adam Leitman Bailey, Dov Treiman, and Danny Ramrattan discuss the limited applicability of usury defenses. They write: “In all, this area of the law is deceptively simple and the resolution of any case will require a close examination of the intricacies of the particular matter.” New York imposes two separate rates for determining usury, a Full Article…
One-Step Solution
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…
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…
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