After Board of Managers of the Palm Trees Condominium v. Shebar, et al., Adam Leitman Bailey, P.C. successfully negotiated payoffs for liens that survived a foreclosure sale due to the board’s prior counsel botching the common charge lien foreclosure proceeding, resulting in a payday for the board of $215,000 after the sale of the unit.
The board’s common charge lien foreclosure proceeding was riddled with a late-filed notice of pendency and junior lienholders that were erroneously not named in the foreclosure proceeding by the board’s prior counsel. After foreclosure, therefore, while the board was the high bidder and took back the unit, there was approximately $650,000 in open liens and judgments still secured by the premises.
Instead of advising the board to take the loss and move on, however, Adam Leitman Bailey, P.C. continued the fight to get a profit for its client. With paying tenants now in the unit generating monthly funds for the Board, Adam Leitman Bailey, P.C. had time to stall the first position foreclosure proceeding and procure reduced payoffs for all open liens and judgments. Combining its vast rolodex of contacts with its seasoned negotiation skills, Adam Leitman Bailey, P.C. successfully procured substantially reduced payoffs for all open liens and judgments, resulting in a profit to the board of $215,000 at the closing table.
Jackie Halpern Weinstein, Esq. and Danny Ramrattan, Esq. of the Foreclosure Group at Adam Leitman Bailey, P.C. negotiated the payoffs and strategized and structured the deal, and Andrew C. Jorges, Esq. of the Transactional Group at Adam Leitman Bailey, P.C. successfully completed the closing for the board.