Amazing Short Payoff!

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One of our clients owns a property in Queens that was in a foreclosure action in the Supreme Court. She had purchased it years before and began a major renovation. She had an architect with plans and a contractor. Midway, she had problems with the contractor and was unable to finish the project. Then she fell into arrears on the mortgage and the property sat idle for a few years while the weather took its toll. Parts of the property fell into disrepair. If she could finish it, it would be a luxury property in a good area. In the foreclosure action, I answered the summons and complaint with defenses and counterclaims that she had against her lender. We began to negotiate a settlement.

Recently, we achieved what I think is the best settlement I have ever seen in my career. Faced with a property that the lender did not want, with a limited market of buyers (possibly only builders or investors willing to spend money to finish the project), the lender agreed to accept a significantly reduced short pay off in full satisfaction of the mortgage loan. The original principal balance of the mortgage note was $504,000. At the time of settlement, the balance due was in excess of $650,000. Based on an appraisal and after negotiating, the lender agreed to accept $210,000 as payment in full and our client was thrilled. We executed a settlement agreement and a stipulation of discontinuance. Our client saved $440,000 and the property.

SCOTT LANIN RATED 10/10 BY AVVO

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Managing Attorney Scott Lanin has been recognized with the highest rating offered by Avvo.com.  Avvo.com is considered to be one of the preeminent websites in the United States for the review of lawyers, and our firm is extremely proud to have our leader recognized once again for this distinction. The review is based on experience, industry recognition, and professional conduct. It considers peer evaluations from other attorneys and professional activities like teaching continuing legal education to other attorneys.  Avvo also include client ratings and background information. Scott has provided pro bono (volunteer) answers to legal questions on Avvo.  If you would like to speak with Scott about your legal issue, contact us online or call Scott at (212) 764-7250 Ext.201 for a free phone consult or to schedule an office consult.

avvo10

LANIN LAW RETAINED TO HANDLE APPEALS IN THE FIRST AND THIRD APPELLATE DEPARTMENTS

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NEW YORK, N.Y. – Lanin Law P.C. has been retained to handle an appeal in the Appellate Division, Third Department, of a summary judgment motion determined by the Albany County Supreme Court; and an appeal in the Appellate Division, First Department of a money judgment issued by the New York County Supreme Court.

SCOTT LANIN’S CLE SEMINAR ON HOW TO HANDLE COMMERCIAL LITIGATION & KEEP CLIENTS HAPPY

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Press Release:  Attorney Scott Lanin has taught a two-part course for Access MCLE entitled “How To Handle Commercial Litigation and Keep Your Clients Happy.”  The course is available online to attorneys in Arizona, California, Colorado, Florida, Illinois, Kentucky, Ohio, Nevada, New Hampshire, New Jersey, New York, Texas, and Virigina.  In New York, lawyers are required to take 24 hours of continuing legal education every two years in order to fulfill the State’s biennial requirements to maintain their law licenses.  Attorneys who register and take Mr. Lanin’s course will receive CLE credit towards their State bar requirements.  The course covers all facets of business and real estate litigation, including how to evaluate the claim or defense, creating the attorney-client relationship, drafting and researching pleadings and motions, and settlement negotiations.

 

CLE COURSE #520 – PART 1: HOW TO HANDLE COMMERCIAL LITIGATION AND KEEP YOUR CLIENTS HAPPY
— 1.0 CLE Credit for AZ,CA,CO,NH,NV,NY,PA
— commercial / consumer law, presented by SCOTT LANIN

An introduction to handling commercial litigation (business, real-estate and bankruptcy disputes) using New York as an example.

Scott Lanin discusses from the moment the client first calls or emails you, through the office meeting and retainer agreement, to drafting pleadings, motions and discovery, to negotiating settlements and preparing for trial.

(Click Here for Part 2)

Part 1 – Key course points are:
• Evaluating the Case.
• Creating the Attorney-Client Relationship.
• Legal Research.
• Standing.
• Conditions Precedent.
• Jurisdiction.

CLE COURSE #521 – PART 2: HOW TO HANDLE COMMERCIAL LITIGATION AND KEEP YOUR CLIENTS HAPPY
— 1.0 CLE Credit for AZ,CA,CO,NH,NV,NY,PA
— commercial / consumer law, presented by SCOTT LANIN

An introduction to handling commercial litigation (business, real-estate and bankruptcy disputes) using New York as an example.

Scott Lanin discusses from the moment the client first calls or emails you, through the office meeting and retainer agreement, to drafting pleadings, motions and discovery, to negotiating settlements and preparing for trial.

(Click Here for Part 1)

Part 2 – Key course points are:
• Pleadings
• Elements of Claims (Breach of Contract, Fraud, Negligence, etc.)
• Late Answer.
• Electronic Filing and Service
• Preliminary Remedies
• Discovery
• Settlement
• Motions

LANIN LAW SUCCESSFULLY STOPS FORECLOSURE SALE OF 17 UNIT BUILDING IN THE BRONX

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NEW YORK, N.Y. – Success! Lanin Law P.C. was able to successfully prevent the sale of a corporate client’s 17 unit 4 floor rental property in the Bronx.  The client came to us on a Thursday to try to stop a foreclosure sale that was scheduled for the following Monday at 2pm in a tax lien foreclosure action pending in the Bronx Supreme Court.  The client had been working with the city on a tax exemption and also with a lender for a refinance but needed more time.  We met with the client on a late Thursday evening and again the next morning on Friday and we drafted an emergency order to show cause.  We organized and assembled the exhibits (our documentary proof) and Scott Lanin personally took the papers to the Supreme Court on Friday afternoon.  The ex parte clerk was not happy but our client had the right to be heard. We had already discussed the case with the attorney for the tax lienholder and he said that he would not oppose the application for a TRO. Despite this, the court denied the TRO request and instead scheduled an emergency hearing for Monday morning, just hours before the sale.  Scott Lanin went to the Supreme Court on Monday with his clients and the plaintiff sent a local per diem attorney that we actually knew.  Over the weekend, we stressed to our client that it needed to get a firm loan commitment letter from its lender to prove that the refi was probable.  By Monday morning, our client had received the letter and forwarded it to Scott’s email.  In the courtroom, Scott forwarded it to the opposing counsel.  After several conferences in chambers, we worked out an adjournment of the sale to give our client the opportunity to close on the refinancing and save the property.  Our client was thrilled with the result!

SUCCESS! CHAPTER 13 PLAN CONFIRMED IN THE EASTERN DISTRICT IN BROOKLYN

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NEW YORK, N.Y. – Lanin Law P.C. successfully confirmed a Chapter 13 plan in the United States Bankruptcy Court, Eastern District of New York, Brooklyn Division. The case began with difficult circumstances several years ago.  Our clients were a married couple who owned a condo apartment in Brooklyn.  They were actually current on their mortgage payments and common charges but owed substantial credit card debt because one of them had a reduction in income due to a job loss. With a relatively high amount of equity, the best interest of creditors test would have required that the clients pay 100% of their credit card debt back over 5 years.  This test is based on what creditors might receive in a hypothetical Chapter 7 liquidation case.  Before the case was filed, we knew that New York State was going to enact new legislation to increase the homestead exemption.  Based on this, we advised our clients to delay filing their Chapter 13 bankruptcy until the homestead law was changed.  Once the exemption increased, it had the effect of reducing our clients’ non-exempt equity, and, in turn, reducing the amount that they would be required to pay their unsecured creditors back in a Chapter 13 plan.  We filed the case and, after amending the plan to make certain adjustments required by their trustee, the case was approved.  The confirmed plan will pay approximately 35% of the credit card debt. Our clients were able to keep their home and will discharge (wipe out) approximately 65% of their debt!  They were thrilled with our legal advice and strategy and with the outcome.