Mortgage Foreclosures
Wotman Law has effectively and cost efficiently handled numerous mortgage foreclosure cases on behalf of lenders and court appointed receivers in the New York State Supreme Courts in the counties of Manhattan, Queens, Brooklyn, Staten Island, Nassau, Suffolk, Westchester and Orange Counties. The firm has developed an expertise in the particular requirements as specified by the Mortgage Foreclosure parts and clerks in in each of these counties as they vary county by county.The firm has conducts all phases of mortgage foreclosure litigation from commencement of the action, obtaining the judgment of foreclosure and sale of the premises at public auction by the referee.
The firm has regularly represented various banks and The United States Small Business Administration in connection with their commercial and residential foreclosure litigations in the New York State Supreme Courts and related bankruptcy cases in the United States Bankruptcy Courts for the Southern and Eastern Districts of New York.
We work to recover on behalf of our clients the maximum amount of loan principal, interest, costs and legal fees from mortgagors in the fastest and most economical manner possible.
We have also won numerous proceedings in cases before the U.S. Bankruptcy Courts lifting the automatic stay to allow foreclosure sales to be conducted where mortgagors have filed bankruptcy petitions at the "eleventh hour". The firm has regularly and successfully litigated numerous issues before the U.S. Bankruptcy Courts in New York, including adequate protection and enforcement of security interests. We have also negotiated settlements providing for payments to lending institutions during chapter 11 reorganizations, recovered fraudulent transfers and preferences, enforced secured proof of claims, and negotiated chapter 13 payout plans and chapter 11 plans of reorganization on behalf of secured creditors.
Coverage Areas
- Skillful Pre-Acceleration Settlement Negotiations
- Careful Review of Foreclosure Search and Determination of all Necessary Defendants
- Prompt Acceleration Notices
- Accurate Preparation, Service and Filing of Summons, Complaint & Notice of Pendency
- Effective Motions for Summary Judgment Striking Meritless Answers, Affirmative Defenses, Counterclaims and Crossclaims, with Complete Motion Papers and Comprehensive and Updated Memorandum of Law
- Conduct of Efficient and Cost Effective Discovery Proceedings, Including Depositions and Document Production (if required)
- Promptly Secure Orders Appointing Receivers to Protect Your Mortgage Interest from Damage and Loss During Pendency of Case
- Negotiation and Quick Court Approval of Stipulations of Settlement Providing for Full Payment of Loan
- Orders Appointing Referees to Compute Amount Due and Sell Property
- Swiftly Obtain Judgment of Foreclosure and Sale and Schedule Sale Date Ensure Widespread and Proper Publication and Posting (if Required) of Notice of Sale
- Prompt and Courteous Response to all Inquiries Regarding Premises and Terms of Sale
- Attend Sale and Ensure Proper Compliance with Terms of Judgment and all Legal Requirements at Public Auction
- Precise Completion of Referee's Deed, Tax Affidavits, Reports and Returns and Conduct of Closing with Purchaser and Title Company
- Vigorous Defense of Motions to Stay and/or Set Aside Sale
- Speedy Eviction of Tenants after Foreclosure
- Obtain and Collect on Deficiency Judgments
- Representation at Surplus Money Proceedings
- Representation of Mortgage Lenders in Connection with Review and Revisions of Existing Mortgage Documents to Ensure Compliance With and Protection of Mortgagees under United States and New York State Mortgage Banking and Lending Laws in Connection with Residential and Commercial Mortgage Loans