Zarwin Baum Prevails at Trial in Action Challenging Validity of Mortgage
April 27, 2016
Philip Magen successfully prevailed at trial on behalf of a lender which sought to foreclose on a defaulted commercial loan. In defense of the foreclosure action the borrower argued the lender’s mortgage was unenforceable because the borrowers’ spouse co-owned the collateral but did not sign the mortgage, the mortgage was signed by an agent acting under an unenforceable power of attorney, the loan was procured by fraud and the interest rate was commercially unreasonable. After a multiple day trial all of the borrowers’ defenses were rejected and judgment was entered in favor of the lender.