California and Arizona Commercial Real Estate Workouts and Covid Counsel
Our law firm was a top leader in the 2007 financial meltdown. We fought banks, and loan services, and trustee services. We were there to expose the BS that banks and financial institutions could not legally prove they owned a loan (the "show me the note" or "produce the note" theory). Courts, afraid of total chaos, sided with the banks in many cases and preventing foreclosure was hard to stop. We appeared on Fox News three times with our clients explaining their frustration in banks not accepting their payments. We fought (legally) for homeowners trying to save their homes, and businesses trying to get their landlords to workout their commercial leases. We were there when the short sale market was booming and all the legal issues that came with that. In fact, it was VERY CRAZY TIMES. We had a leading website known as ForeclosureDefenseResourceCenter and our phones and email inquiries were literally OFF THE CHARTS.
Once the meltdown was over, foreclosure nearly stopped, I moved my practice back into the area of intellectual property. We had always done intellectual property, copyrights, and trademarks, but I decided to go full force. Business is booming again. However, now, I am getting calls and Facebook, Avvo, and text messages from business owners that are facing the loss of their business (employee layoffs, etc.) due to the unforeseeable Coronavirus (aka "China virus" or "COVID 19).
I am also seeing loan collection letters from foreclosure trustees on individual residences and investment properties (ex. land). I am getting a strong feeling that we are going to go back through another meltdown, this one could be worse than the last due to all the businesses that are being forced to lay off employees. I HOPE I AM WRONG.
At any rate, I am going to start firing up my active rain page and post information as it comes in. A good resource is my Attorney Steve® video channel (almost 20,000 subscribers) and you should SUBSCRIBE for key information as I have a feeling more real estate videos will be coming.
For now, here are two important real estate/contract law videos I think all real estate brokers, investors, and landlords should start watching. Let's all hope for the best.
What is a Force Majeure Clause in a Contract?
Can you break a lease with Frustration of Purpose Doctrine?
Top 25 ways to cancel, terminate or repudiate your Contract or Lease
Commercial Lease Workout Tips by Attorney Steve®
Contact a California / Arizona Real Estate & Contract Law Firm
If you need help with a real estate issue, commercial lease workout, etc., call us to discuss your case. We offer low-cost consultations and case reviews. We can be reached at (877) 276-5084.