Adam Leitman Bailey, P.C., provides a comprehensive approach in handling non-judicial foreclosures of cooperative units. While a cooperative unit, commonly known as a “Co-op”, may seem comparable to a house or condominium, it is not actually real property. Rather, a Co-op is personal property, where you receive shares in a cooperation instead of receiving a deed.
As such, a co-op is governed by Article 9 of the Uniform Commercial Code. Obviously, there are pros and cons to co-ops being governed by Article 9. This allows for non-judicial foreclosure auctions where a lender may auction off the co-op without commencing a court proceeding after complying with certain statutory and contractual prerequisites. However, many times a borrower will commence an action in the Supreme Court to stop an auction, and the lender will end up in litigation anyway.
Adam Leitman Bailey, P.C., has handled all aspects of non-judicial foreclosures from sending the demand notices, to defeating borrower’s challenges in Supreme Court. Inevitably, a borrower will file an order to show cause with a request for a temporary restraining order to stop your auction, and having the best attorneys, who are most well-versed in this area of law, will save you a tremendous amount of time and money.