Law Offices of Louis J. Maione P.C.

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Mortgage Foreclosure

Posted by louisjmaione3 on April 5, 2019 at 1:15 PM

On April 3, 2019, Mr. Maione obtained a favorable Decision by Summary Judgment against one of the Member/owners of a golf course located in the Adirondack Region of upstate New York finally disposing of an arduous Mortgage Foreclosure action initiated in 2013, which wound it's way through a number of Courts; this included the Bankruptcy Court in the Northern District of New York where the defendant, a member of the LLC which owned the golf course, attempted to stall the proceedings by filling for bankruptcy protection. Mr. Maione was successful not only in causing the LLC to be converted from a Chapter 11 to a Chapter 7, and liquidated by the Bankruptcy Court, but in purchasing the golf course, worth Millions, for $60,000.00 from the Trustee in Bankruptcy. This action also resulted in recovering a judgment against the defendant/memeber on a Guaranty which secured the Mortgage, having previuosly entered into a six figure settlement with another guarantor. The overall recovery after a hearing to be conducted by a Court-appointed Refereee in May of this year should be in the area of $1.8 Million.

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