It is amazing the lengths some borrowers will go to avoid paying their mortgages while living an a home for free. Mortgages are recorded in the normal course. In this case, however, after the closing where the borrower executed a note and mortgage for $600,00.00 the title closer never recorded the mortgage. To correct this Full Article…
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Adam Leitman Bailey, P.C. Affirmed by Second Department in Action To Record Duplicate Mortgage
Adam Leitman Bailey, P.C. was retained by a lender to record a mortgage in the chain of title to a property in Brooklyn, New York, where the original mortgage that was executed by the borrower was not recorded and subsequently lost or misplaced. In an effort to avoid her obligations on the mortgage, the borrower Full Article…
Adam Leitman Bailey, P.C. Secures Writ of Assistance For Condominium Board After Common Charge Foreclosure
Adam Leitman Bailey, P.C. was retained by a condominium board related to a unit owner, who, in addition to not paying his common charges, was also violating the governing documents of the condominium by illegally offering his unit for short-term rentals. The unit owner – an attorney himself – was trying to engage in all Full Article…
Adam Leitman Bailey, P.C. Secures the First Ever Victory Before the Appellate Division Regarding a Title Insurer’s Obligation to Defend After the Mortgage it Insured is Subsumed into a CEMA
A Consolidation, Extension and Modification Agreement (“CEMA”) is an often-employed vehicle to essentially refinance a mortgage without having to pay the mortgage tax for the full amount of the refinance, as you are only paying mortgage taxes on the “new money”. Adam Leitman Bailey, P.C. represented the insurer of the initial mortgage for $1,995,000. That Full Article…
In a Battle of Foreclosure Actions, Adam Leitman Bailey, P.C. Successfully Leads Second Position Mortgage Lender to Win the Race to the Auction, Resulting in Full Payment
A highly desirable residential condominium unit was the subject of two competing foreclosure actions. ALBPC was retained by the second position lender to commence foreclosure proceedings and also to defend the lender’s interest in the first position lender’s foreclosure action. The first mortgage entered into a modification agreement with the borrower whereby it increased the Full Article…
Adam Leitman Bailey, P.C. Prevails in the Appellate Division by Successfully Defending Against Claim that its Client’s Complaint Should Have Been Stricken
In a heavily litigated foreclosure action that has had multiple motions and appeals, the borrower appealed from a decision of the Court that denied her motion to dismiss Plaintiff’s complaint pursuant to CPLR § 3126(c). The borrower argued that Plaintiff failed to comply with her discovery demands and dismissal of the complaint was warranted. Plaintiff Full Article…
In a Shareholder Derivative Action, Adam Leitman Bailey, P.C. Preserves Lender’s $2.9 Million Dollar Mortgage
Adam Leitman Bailey, P.C. was retained by a title company to represent a lender in a shareholder derivative action which was commenced by a limited partner, individually and on behalf of the partnership, alleging that the general partners were using the partnership as their own personal piggy bank taking out millions of dollar in unauthorized Full Article…
Avoiding Usury: Determining the Maximum Interest That Can Be Legally Charged
Adam Leitman Bailey, Dov Treiman, and Danny Ramrattan discuss the limited applicability of usury defenses. They write: “In all, this area of the law is deceptively simple and the resolution of any case will require a close examination of the intricacies of the particular matter.” New York imposes two separate rates for determining usury, a Full Article…
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