We represented the client in connection with a receivership, two foreclosures, and the forced sale of multiple real estate developments. When the client’s borrower defaulted on several loans that were secured by various real estate development projects in Baltimore City, we instituted confessed judgment litigation and foreclosure actions against all of the obligors. In addition, during the course of our representation, one of the developments securing the borrower’s obligations was forced into receivership by the City of Baltimore.

We were successful in obtaining judgments against the obligors and garnishing the obligors’ accounts. These actions, as well as the pressure of the pending foreclosure actions, ultimately lead to the sale of the Bank’s collateral to another developer and obviated the need for selling the development projects at foreclosure. Additionally, we were deeply involved in the Baltimore City receivership proceeding and worked with the City of Baltimore to allow the sale of the Bank’s collateral to another developer in lieu of having a receiver sell the development at a below market price .

As a result of our representation, and notwithstanding the numerous obstacles posed by the borrower, we were ultimately able to force the sale of two properties to another developer and the client was paid in full, including all fees and costs, from the sale of the collateral.