Adam Leitman Bailey, P.C. Wins Priority Position for GMAC Mortgage, LLC
In GMAC Mortgage, LLC v. Guzman, et. al., Adam Leitman Bailey, P.C. won a decision and order declaring that GMAC’s mortgage is secured by a first priority interest in a Brooklyn property, even though a different lender, who gave a mortgage one day prior, won the race to record.
In 2007, when GMAC gave the mortgage, it appeared to be a first priority lien. Upon recording the mortgage, however, GMAC discovered that a different lender recorded a mortgage purportedly secured by the same premises only two weeks prior.
The title company immediately hired Adam Leitman Bailey, P.C. to fight on behalf of GMAC for the first priority position on the premises. Even though the other mortgage was given the day before the GMAC mortgage and, more importantly, was recorded first, it was evident to Adam Leitman Bailey, P.C. that the other mortgage was given using a power of attorney that was seemingly forged or fraudulently made pursuant to a common criminal scheme.
Adam Leitman Bailey, P.C. successfully argued before the Honorable Jonny Lee Baynes, J.S.C. in Supreme Court, Kings County, who granted its summary judgment motion, declaring that GMAC’s mortgage, although recorded second in time, holds a first-priority interest in the premises.
The Title Litigation Group at Adam Leitman Bailey, P.C. won this case for the insured, with Jackie Halpern Weinstein representing the firm on the case.