Foreclosure is typically the last option either a lender or a property owner wants to encounter. Absent the opportunity to refinance a project, sell the real estate, or otherwise enter in to some mutually acceptable work-out arrangement, a lender will look to realize upon its collateral through foreclosure.
The attorneys at Bousquet Holstein have successfully helped lenders, lienholders, property owners and tenants in simple and complex commercial real estate foreclosure actions throughout New York.
The foreclosure process is a detailed statutory process that must be followed precisely for a lender to bring its mortgaged collateral to a successful sale.
Our attorneys have prosecuted these actions, including most recently properties involving a:
- Mixed use retail/office/residential condominium offering,
- Giant industrial facility subject to both federal and state issues,
- Automotive service facility,
- Hospitality business.
In addition to the primary mortgage holder who forecloses upon its collateral, our attorneys have also represented junior creditors, and mechanics and other lienors to monitor the primary action in the event of any surplus money proceedings and to otherwise protect those junior parties’ interests. Tenants may also have rights to the leases in the property that can survive the foreclosure action, and our attorneys understand the needs of those tenants and advocate for them.
Our office has also worked with property owners facing tax foreclosure proceedings as well.
Obtaining good and marketable title following the foreclosure sale is our primary goal as we work with our clients throughout the process.