Adam Leitman Bailey, P.C. wins Summary Judgment in Multi-Property Business Purpose Loan Contested Foreclosure
Adam Leitman Bailey, P.C. was retained by lender to commence a foreclosure action against a borrower on a business purpose loan that was secured by four properties.
Defendant borrower filed an answer with affirmative defenses alleging that Defendant was not delinquent on mortgage payments, and that the Lender was the cause of the default.
Adam Leitman Bailey, P.C. moved for summary judgment, establishing Lender’s prima facie case, and arguing that Defendant’s affirmative defenses failed as a matter of law.
In opposition, Defendant argued that it made a payment which it believed reinstated the Loan. Adam Leitman Bailey, P.C. argued that the purported payment was insufficient to reinstate the loan and was properly returned to Defendant. Citing to case law, Adam Leitman Bailey, P.C. argued that once a mortgage debt is accelerated, a lender is not required to accept anything less than full payment, and that, here, Defendant’s payment made was insufficient tender to provide a defense to foreclosure.
The Court held that Lender met its initial burden and established in its papers Defendant’s default on the mortgage. The Court granted summary judgment and an Order of Reference in favor of Lender.
Jackie Halpern Weinstein, Esq., Courtney Lerias, Esq., and Danny Ramrattan, Esq. of the Foreclosure Litigation Group at Adam Leitman Bailey, P.C. secured this win for the Lender.