Adam Leitman Bailey, P.C. was retained to represent the purchaser in a mechanic’s lien foreclosure of a commercial building in upper Manhattan which had proceeded to auction and sale. The client was the high bidder. After Adam Leitman Bailey, P.C.’s client paid just over a million dollars and was deeded the property, the prior owner Full Article…
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Contesting Relocation Liens: Innocent Landowners Get Burnt
June 13, 2017 By Adam Leitman Bailey and Dov Treiman In a decision stronger on emotion than analysis, the Court of Appeals in Rivera v. HPD1 recently eliminated a building owner’s rapid path to determining the validity of liens placed against its building for housing preservation & development’s expenses in relocating the building’s tenants when Full Article…
Acceleration Clause in Foreclosure Actions: New Rules
February 8, 2017 By Adam Leitman Bailey and Adam M. Swanson The use of an acceleration clause in a mortgage foreclosure action provides an important and expedient tool when foreclosing on a property. This article focuses on recent case law and discusses some of the benefits and pitfalls when using an acceleration clause and how Full Article…
Recent Efforts to Speed Up Foreclosure Proceedings in N.Y.
As a result of governmental intervention, New York boasts one of the longest foreclosure timelines in the country, taking an average of 1,061 days from the date of the filing of the foreclosure action to the sale of the property at auction, which is almost double the national average of 625 days.1 Most of these Full Article…
Using the Judicial System to Abate the Foreclosure Crisis
By Adam Leitman Bailey And Rachel Sigmund Many stagnant foreclosures in the United States have been stuck in the judicial process for more than two years. This article describes how several states have addressed one of the primary legal impediments clogging the pipelines of pending or future foreclosures: lenders’ inability to locate the original mortgage Full Article…
Cooperative Foreclosure: The Accidental Doctrine
By Adam Leitman Bailey and Dov Treiman Although the lack of judicial supervision of the cooperative foreclosure process for default upon cooperative apartment mortgages vastly simplifies the lives of lenders’ counsel, under the latest changes in the foreclosure statutes, it creates a nightmare for the title industry insuring titles down the line from such a Full Article…
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