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…
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…
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…
Foreclosure Abuse Prevention Act in a Nutshell
In 2022, the New York State Legislature enacted the Foreclosure Abuse Prevention Act (FAPA), thereby amending several interrelated provisions of the Civil Practice Law and Rules (CPLR), the Real Property Actions and Proceedings Law (RPAPL), and the General Obligations Law (GOL), which affect how and when the statute of limitations may be invoked by defaulting 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…
Adam Leitman Bailey, P.C. Preserves Six Million Dollars In Loans Made by Its Client
When the managing member of three real estate LLCs sought to refinance the existing senior debt, Adam Leitman Bailey, P.C.’s client made loans totaling approximately six million dollars. There was also a mezzanine lender, whose agreement with the holding company for the LLCs, required its written permission for an activity such as a refinance. None Full Article…
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