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Adam Leitman Bailey, P.C. Causes Prior Mortgage To Be Deemed Void As Against The Premises


Adam Leitman Bailey, P.C. Causes Prior Mortgage To Be Deemed Void As Against The Premises

In Citibank, N.A. v. MERS et. al., Adam Leitman Bailey, P.C. wholly invalidated Plaintiff Citibank’s mortgage with respect to the property upon which it was recorded, and, in doing so, advanced its client’s mortgage into the priority position. A bona fide purchaser, without notice of Citibank’s mortgage, purchased the property. Years later, Citibank’s mortgage was recorded. The bona fide purchaser then sold the property to a buyer, who was on notice of Citibank’s mortgage. The buyer was told, however, that Citibank’s mortgage would be satisfied, and so the buyer gave a mortgage of her own, which is currently held by Wells Fargo. Citibank’s mortgage was never satisfied, and Citibank commenced a foreclosure action.

The Title Insurance Company hired Adam Leitman Bailey to protect the interests of Wells Fargo. Even though Wells Fargo’s mortgage was recorded second to Citibank’s mortgage, and even though the buyer had notice of Citibank’s mortgage and was not directly protected by New York’s recording statutes: extensive strategizing and novel research enabled Adam Leitman Bailey, P.C., not only to successfully elevate Wells Fargo’s mortgage into the priority position in the chain of title, but even to invalidate Citibank’s mortgage with respect to the property altogether.

The Deputy Clerk, Mario Dire, openly commended the prudency and thoroughness of the firm’s hands-on efforts with respect to the recordation of all necessary documentation in confirming that the public record would properly and effectively reflect this huge win.

Adam Leitman Bailey, P.C. Jackie Halpern Weinstein of Adam Leitman Bailey P.C. represented Citibank in this action.

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Adam Leitman Bailey, P.C.

NEW YORK REAL ESTATE ATTORNEYS