Lenders in Foreclosure Actions
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| David A. Gallo, Esq., Managing Partner of Foreclosure Department |
When consumers lose their homes to foreclosure, they are not the only ones facing losses. Lenders also lose when homeowners become unable to make their payments; they rely on timely receipt of this revenue and must protect themselves against losses. At the law offices of Sweeney, Gallo, Reich and Bolz, in Queens, we protect the rights and financial assets of lenders, banks and other financial institutions in cases involving mortgage loss mitigation and default services.
As a Fannie Mae-retained foreclosure firm, our lawyers represent many major banks and lending institutions in default-related services. The law firm of Sweeney, Gallo, Reich & Bolz LLP handles foreclosure actions as counsel to both mortgage lenders and those institutions servicing the mortgage industry. Our attorneys also represent major financial institutions and mortgage default servicers in foreclosure proceedings and related bankruptcy matters throughout the state of New York. Sweeney, Gallo, Reich & Bolz LLP has been designated by Fannie Mae (Federal National Mortgage Association) in its Retained Network in New York State. Sweeny, Gallo, Reich & Bolz LLP also handles FreddieMac foreclosures in the downstate venues.
Our attorneys are experienced in real estate law, having lectured for the New York State Bar Associations and Queens County Bar Association on New York mortgage foreclosure law, real estate and landlord tenant law and related bankruptcy issues, and estate issues related to foreclosure law.
This part of our organization represents banks, mortgage brokers and other financial institutions that provide commercial and residential mortgage loans to businesses and individuals throughout the United States. While we represent lenders throughout the foreclosure process with the goal of maximizing the value they obtain from foreclosure proceedings, we are cognizant of lenders' efforts in loss mitigation, keeping borrowers in their homes whenever possible under applicable guidelines.
In addition to managing the foreclosure process for clients in judicial and non-judicial actions, we provide related services such as these below:
- Decision to foreclose
- Resolving title issues
- Settlement conferences
- Monitoring senior liens for our client's actions
- Deed-in-lien of foreclosure
- Handling REO and 3rd party closings transactions
- Defending against lender liability claims in commercial and residential mortgages
- Defending against preference and fraudulent conveyance actions
- Handling relief from stay in bankruptcy
- Handling title matters arising from successful foreclosure actions
- Resisting cash collateral motions
- Defending against motions to enjoin foreclosure
- Attending court conferences and negotiating settlements on behalf of the lender
- Assisting in repayment plans
- Evictions - commercial and residential
- Collections
- Closings in origination
- Surplus money proceedings
- Receivers in commercial foreclosures
In all these matters, we help clients understand the terms of the commercial or home loan. We identify the terms of the loan so we can develop a strong defense strategy against claims and lawsuits. As experienced lender defense attorneys, we are prepared to take matters as far as needed in defense of lenders — to the courtroom, the boardroom or the negotiating table.
The mortgage industry is highly regulated. Our attorneys are well-versed in the rules and laws that apply to mortgage lenders and endeavor to use that knowledge to benefit our clients. We are knowledgeable about the Fannie Mae and Freddie Mac foreclosure timelines and fee schedules and work to ensure that our clients' matters proceed as smoothly as possible.
The Law Firm is experienced and familiar with all aspects of foreclosure law, including but not limited to the recent legislation passed in New York and signed into law by the Governor, commonly known as the 2009 Mortgage Foreclosure Law.
New York law requires:
- New notices to be sent to tenants at the initiation of a foreclosure proceeding
- Extends the requirement of a lender to serve a separate 90-day notice to all borrowers with home loans in New York
- New prescribed notices to borrowers in a residential cooperative apartment
- New notices to tenants regarding their right to remain in occupancy for the greater of their bona fide lease term or 90 days from the date they receive a prescribed notice from the bank or successor in interest
- Electronic filing requirements for lenders or services
- The lender's duty to maintain a vacant residential property after a judgment of foreclosure and sale is obtained
- Other requirements as enumerated in our statutes
- Our attorneys have counseled our clients on the new foreclosure law and potential new issues relative thereto.
Our state-of-the-art computer based systems are cutting edge and unique in our industry.
Contact Us
In all lender representation matters in New York State we are prepared to provide clients with an aggressive and efficient lender defense. We answer questions and help clients explore their options in all matters related to defaults on mortgage loans. Our Queens offices are open weekdays from eight to five, so call 866-415-9391 or contact us today to schedule a consultation.
Cases of Interest
Pollard v. Credit Suisse First Boston Mortg. Capital LLC, 66 A.D.3d 826, 887 N.Y.S.2d 626 (2d Dept. 2009)
Alkaifi v. Celestial Church of Christ Calvary Parish, 44 A.D.3d 695, 842 N.Y.S.2d 722 (2d Dept. 2007)
Citibank N.A. v. Plagakis, 8 A.D.3d 604, 779 N.Y.S.2d 576 (2d Dept. 2004)
Citibank N.A. v. Park 100 Condominium Board of Managers, 292 A.D.2d 269, 738 N.Y.S.2d 849 (2d Dept. 2002)
In re Plagakis, 2004 WL 203090
Swiatkowski v. Bank of America NT & AS, 103 Fed. Appx. 431, 2004 WL 1367927 (C.A.2 (N.Y.))
Swiatkowski v. State of New York, 160 Fed. Appx. 30, 2004 WL 3406678
Citibank N.A. v. Swiatkowski, 395 F.Supp.2d 5 (2005)
