We are a New York and Long Island commercial litigation law firm that manages complex mortgage foreclosures including, but not limited to, real estate collateral, retail centers, industrial facilities, and distressed property units. Our commercial foreclosure attorney/lawyer can help with several different aspects of foreclosures, including condominium lien foreclosures; mortgage foreclosures; mortgage foreclosure defense; and nonjudicial foreclosures. Our clients include condominium and cooperative boards, private lenders and property owners.
Commercial Litigation Attorney/Lawyer
Warren S. Dank, Esq., P.C. is a well established commercial litigation attorney/lawyer representing a wide range of lenders and borrowers in foreclosure litigation and is a leader in New York real estate litigation, including foreclosure litigation. Our attorneys are tough, focused litigators who have the ability to face any opposition. We start from a business perspective and our approach is aggressive but practical, keeping our clients’ goals in mind and looking for the most efficient ways to achieve our clients’ intended results.
We represent lenders and borrowers in foreclosure litigation and in all other aspects of commercial foreclosures. From simple to complex foreclosures, we handle cases involving mezzanine loans, major commercial properties, and multiple liens. The firm is skilled at working on cases with hundreds of millions of dollars at stake.
Services in Commercial Foreclosure Litigation
Once a commercial foreclosure action has been filed, conducting correct legal procedures can be a difficult process. Obtaining legal counsel from an established commercial foreclosure litigation attorney/lawyer can be a critical step to conducting and building a strong case in your foreclosure litigation strategy.
Warren S. Dank, Esq., P.C. represents many private lenders who may hold a mortgage on real property. Our firm will negotiate with borrowers as may be necessary; and, if there is a default, using the proper legal procedures to enforce the security interest in the property. These legal procedures include the filing of a Notice of Pendency with the County Clerk regarding pending litigation and the commencement of a foreclosure action in the appropriate Court, including the five boroughs of New York City and Long Island.
Once a foreclosure action is filed, Warren S. Dank, Esq., P.C. will follow the correct legal procedures to have a receiver appointed for the property, as is standard in most foreclosure cases. The appointment of a receiver by the Court allows for a neutral third party to manage the foreclosed property, during the course of the foreclosure proceeding. As a foreclosure proceeding may take in the approximate range of six months to a year to resolve, it is vitally important that a receiver be appointed to protect the legal rights of the mortgage holder. A Court-appointed receiver will then issue notices to all tenants at the property advising them of their legal obligation to pay all rents to the receiver, and not to the current owner. The receiver will place all income from the property into a separate escrow account. This account will then be used by the receiver to pay the expenses for the property, such as utilities, property taxes, and insurance. This ensures that the building does not fall into disrepair and tax or other types of default during the foreclosure process.
During this time, our firm will then continue the litigation process by obtaining a judgment of foreclosure on the property. This can be obtained by several methods. If the property owner defaults and does not answer the foreclosure complaint, our firm will move the Court for a default judgment. If an answer is filed, we will generally recommend that we make a motion to dismiss the answer and for summary judgment as expeditiously as possible.
Assuming a judgment is obtained, the next step taken by our firm is to conduct a public auction of the property and bid on behalf of our client to obtain legal title to the premises. All auctions are legally advertised in compliance with the Court’s requirements. We also prepare post-auction documents as necessary to transfer the property to the successful bidder at the foreclosure auction.
We will also negotiate with all parties to attempt to resolve the matter more quickly in order to shorten the period of time required by the Courts to foreclose on the property. We are familiar with commercial foreclosure procedures in all area Courts and will provide prompt, efficient, and personal service to our clients.
Warren S. Dank, Esq., P.C. is highly experienced in commercial foreclosure procedures in a variety of courts and will provide effective solutions and clear information. Our commercial litigation law firm is committed to providing exceptional legal representation that is an efficient, cost-conscious approach to save your property. If there are any questions you or your organization may have, please contact Warren S. Dank and we will be pleased to assist you in a timely manner.
Contact us today to hire a professional and experienced Commercial Foreclosure Litigation Attorney/Lawyer on Long Island and in NYC.