Adam Leitman Bailey, P.C. Settles Extensive Litigation That Retained Title Counsel Could Not
In Bank of New York v. Oyibo, et al., Adam Leitman Bailey, P.C. was retained to resolve a foreclosure proceeding, in which the borrower answered asserting counterclaims of fraud and identity theft and sought to extinguish the mortgage, claiming that he neither purchased the premises nor took out the loan.
The foreclosure proceeding was deep in litigation headed by an alternate firm, who had the case for five years since May 2011 and was buried in paper discovery and immersed in extensive examinations before trial with no end in sight. Adam Leitman Bailey, P.C. was retained in April 2016 to re-strategize and close a settlement.
After a full analysis and applying its expertise in the mechanics of foreclosure law, Adam Leitman Bailey, P.C. aggressively pursued a settlement by which the lender purchased the premises from the borrower by deed in lieu of foreclosure for a nominal sum, in exchange for the borrower dropping all counterclaims with prejudice.
Adam Leitman Bailey, P.C. drafted a bulletproof agreement and procured an Affidavit of Title from the borrower, enabling the lender to then obtain good title insurance for the premises upon recording the deed. The deed in lieu was successfully recorded, the lender was protected, and the action was discontinued without engaging in any further discovery or motion practice, all within about one year.
Jackie Halpern Weinstein, Esq. of the Title Litigation, Foreclosure, and Bankruptcy/Creditor’s Rights Groups at Adam Leitman Bailey, P.C. strategized, implemented, won, and closed out this case.