Adam Leitman Bailey, P.C. Saves Title Insurance Company From All Exposure and Avoids Litigation
In response to a title claim submitted to the title insurance company by an insured owner regarding a superior mortgage asserting priority on a property in Queens, New York, the Title Insurance Company retained Adam Leitman Bailey, P.C. to protect its interests. It directed that Adam Leitman Bailey, P.C. commence a quiet title action and engage in discovery to determine priority.
Before engaging in expensive and protracted litigation, however, Adam Leitman Bailey, P.C. immediately conducted an in-house investigation. This due diligence uncovered certain proofs from the closing file suggesting that the prior mortgage may have been paid off at the closing to the insured owner. Using this documentary evidence, and despite the first position mortgage already hiring foreclosure counsel to commence foreclosure proceedings on the insured’s home, Adam Leitman Bailey, P.C. reached out to its contacts for the first position mortgage and quickly resolved the claim in favor of the title insurance company without ever having to commence an action.
A release of the first position mortgage was recorded into the chain of the title for the premises, and the claim was closed 100% favorable to the insured without any monies paid by the title insurance company. Jackie Halpern Weinstein of the Title Litigation and Foreclosure Departments at the firm outstandingly resolved this claim for the title insurance company.