News & Noteworthy

Case Win - Complete Monetary Recovery on Defaulted Loan Facilitated by Rob Wilk
SEPTEMBER 09, 2013

Rob Wilk (Associate, New York), representing a national financial institution, obtained payment-in-full to our client of a multi-million dollar loan in default, including all sums due for unpaid principal, contract rate interest, default rate interest, prepayment premium and enforcement costs. This result was efficiently obtained through a strategy of litigation and negotiation.

The loan was secured by a mortgage on property improved by a garden apartment complex in the Buffalo, New York area containing sixty residential units. The foreclosure litigation was contested by the borrower, and after hearing Rob's arguments, the judge issued a decision striking the borrower's answer and defenses. Additionally, the court-appointed receiver swiftly collected rents, refurbished and rented vacant apartments and improved the overall property condition.

Successful execution of this strategy fostered effective negotiations with the borrower's real estate and litigation attorneys to afford the borrower an opportunity to complete its closing to pay our client in full and retain equity, without the need for a judicial foreclosure sale.

Learn more about our Workouts and Restructurings and Mortgage Foreclosure practices.

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