Cohan defeats Banks Confirmation of Foreclosure Sale
The bank loaned more than $400k, and then foreclosed the property for a mere $55,001.00. The Bank then sought to collect the deficiency balance. To do so, the Bank was required to prove that it sold the property for at least True Market Value (equivalent to fair market value) at the foreclosure sale. At the confirmation hearing, the bank’s appraiser conceded on cross examination that his appraisal was incorrect and that the value of the property exceeded the foreclosure amount. The Judge denied the Confirmation, saving our client more than $350,000.00.
Louis Cohan spent much of the first year of his career representing banks in confirmation actions. Cohan has handled maybe as many as 50 of these hearings on both sides over the years.
If a bank is seeking to collect a deficiency from you or your business following a foreclosure sale, let us help you.