Financial Institution Litigation
- We have extensive experience in commercial work outs and foreclosures, and are equally sensitive to circumstances that demand prompt and swift action, as well as those that need more sensitive guidance to develop prompt and swift action, as well as those that need more sensitive guidance to develop viable exit strategies for cooperative borrowers.
- We have handled hundreds of mortgage foreclosures against such diverse properties as downtown office buildings, commercial shopping centers, apartment buildings, condominiums and single-family residential developments, as well as work outs of enumerable troubled loans. Often using a stick and carrot approach, we use aggressive litigation strategies, frequently resulting in our client’s recovering the entire debt.
Successfully completed recovery efforts on separate loss share portfolios for two failed banks in 2015. As part of the collection process, we foreclosed and worked out 588 loans with a total loan principal balance in excess of $300 million.
Took over a file from another law firm which had its foreclosure action dismissed in 2013. Rather than re-file the action, we filed a motion to vacate the dismissal on the ground that it was void, successfully reinstated the case, and prevailed on an appeal of the reinstatement.
Foreclosed on a 52 lot upscale subdivision in the western suburbs of Chicago. A contract purchaser of one of the homes filed a counterclaim claiming unjust enrichment and a vendee's lien related to a partially-constructed home for which they had already paid construction costs of $412 million. At trial court, we established the priority of our client's mortgage lien over the purchasers' vendee's lien, a decision that was affirmed on appeal.
Defeated an attempt by a borrower and guarantors to avoid liability for a loan default on the ground that the lender's claim allegedly was dismissed with prejudice in a prior Federal Court action. We successfully dismissed the obligors' Complaint, a decision that was affirmed on appeal by the Seventh Circuit Court of Appeals, which also granted our motion for sanctions based on the obligors' pursuit of frivolous litigation.