As a mediator, I pay attention to word cues. You should too. As you interact with others, listen for the words they use. Not just what the words mean, but the words that are said. Subconsciously, we all offer cues on how we process information. Someone who processes through logical analysis may say “I think.” Someone who processes through visual input may say “I see.” Someone who processes through emotions or intuition may say “I feel.” None of these are right or wrong. Instead, they are cues and these cues may help you connect and understand the speaker. And connection and understanding are often the keys to unlocking a path forward. Disclaimer: Nothing contained herein constitutes legal advice nor does anything contained herein create a professional relationship. MMM - Word Cues The post Mayer Mediation Minute: Word Cues appeared first on Sylvia Mayer Law.
As a mediator, I start every mediation believing that we will find a path to resolution. You should believe it too. Why is it important for the parties to believe? Because if you believe it is possible then it will be. Belief shapes our thoughts and influences our actions. Our beliefs can also affect the thoughts and actions of others. In negotiation and conflict resolution, believing that you can find a path forward is often the first step down the road to resolution. Disclaimer: Nothing contained herein constitutes legal advice nor does anything contained herein create a professional relationship. MMM - Believe The post Mayer Mediation Minute: Believe appeared first on Sylvia Mayer Law.
Mediation is a multilayered process including, among other things, sharing, learning, probing, and exploring. Sometimes, one or both parties get stuck. And sometimes the stuck party will say “they will never accept what I can offer.” Instead of trying, the stuck party has prejudged how the other side will respond. To which I always say – you will never know until you try, so just ask, and then we will find out. To illustrate, let’s consider Christopher Denise’s Knight Owl. Since the day he was hatched, Owl has only wanted one thing – to be a Knight. He dreamed of it. He worked hard for it. And then he applied to Knight School and was accepted. His dreams were about to come true! Although an excellent student, the physical part of being a Knight was challenging. Given his size, it was hard to hold a sword or wield a shield. And he kept falling asleep during the day. But he persevered and his commitment paid off. He graduated from Knight School with honors. Owl was assigned to the Knight Night Watch. He was really good at it. While other Knights fell asleep, Owl was alert and diligent. Then, one night, Owl heard a strange sound. And he saw a strange sight. Rising up, up, up above the castle was a dragon. A very hungry dragon. The dragon thought Owl looked like a tasty snack. Owl protested. Then Owl had an idea. He offered the dragon pizza instead. Turns out, this dragon loved pizza, so they spent the rest of the night talking and eating pizza. This story perfectly illustrates the point. Don’t prejudge how the other side will respond, just ask. They may say yes. Or the dialog may continue. Either way, you will be one step further down the path to resolution. Author’s Note: As a mediator, I am a “forever student” always seeking new ways to help people find a path to resolution in mediation. As a parent, I have spent a gazillion hours reading books to my children. Oftentimes, these books teach me new ways to approach conflict resolution. In this case, Christopher Denise’s “Knight Owl” inspired this post. Disclaimer: Nothing contained herein constitutes legal advice nor does anything contained herein create a professional relationship. Mediator Insights - Just Ask The post Mediator Insights: Just Ask appeared first on Sylvia Mayer Law.
In any dispute, there is often a wide disparity between what each side wants and what either side may realistically get. One of the critical components in bridging the resolution divide is flexible thinking. Flexible thinking means the ability to adapt and adjust as the facts, the law, and the emotions play out. Flexible thinking allows one party to accept that the facts are not as clear-cut as they believed. Or another party to recognize that the law has greater uncertainty than expected. Or maybe both parties need to acknowledge the existence of practical constraints on possible settlement options. Flexible thinking leads to receptivity to resolution. To illustrate flexible thinking outside of the mediation context, let’s consider Lisa McCourt’s I Love You, Stinky Face. Mama is reading a bedtime story to her child. When she finishes, she says “I love you, my wonderful child.” The child responds with a series of questions exploring her love. But what if I were a smelly skunk and my name was Stinky Face? Mama says she’d give the skunk a bubble bath and whisper “I love you, Stinky Face.” But what if I were an alligator with sharp teeth? Mama says she’d buy a big toothbrush and say “I love you, my dangerous alligator.” But what if I were a horrible meat-eating dinosaur? Mama says she’d make a mountain of hamburgers and say “I love you, my sweet, terrible, dinosaur.” But what if I were a slimy swamp monster? Mama says then I’d live by the swamp to take care of you and tell you “I love you, my slimy swamp monster.” The questions continue until the child is confident in Mama’s love. Mama’s flexible thinking (and unconditional love) helps her child fall asleep safe in that love. Outside of the story, in the real world, we too can use flexible thinking to solve problems. With flexible thinking, we can adapt and adjust. With flexible thinking, we become receptive to new ideas, new information, and new options for resolution. Flexible thinking may just pave the path to resolution. Author’s Note: As a mediator, I am a “forever student” always seeking new ways to help people find a path to resolution in mediation. As a parent, I have spent a gazillion hours reading books to my children. Oftentimes, these books teach me new ways to approach conflict resolution. In this case, Lisa McCourt’s “I Love You, Stinky Face” inspired this post. Disclaimer: Nothing contained herein constitutes legal advice nor does anything contained herein create a professional relationship. Mediator Insights - The Power of Flexible Thinking The post Mediator Insights: The Power of Flexible Thinking appeared first on Sylvia Mayer Law.
Student Loan Payments Are Restarting. See the below link for what Borrowers Need to Know https://edtrust.org/resource/student-loan-payments-are-restarting-heres-what-borrowers-need-to-know/Jim Shenwick, Esq 917 363 3391 [email protected] Please click the link to schedule a telephone call with me. https://calendly.com/james-shenwick/15minWe held individuals & businesses with too much debt!
In the program Who Killed the Company? Tips and Trends in Claims and Defenses, Judge Marvin Isgur and his fellow panelists confronted issues such as in pari delicto, insurance coverage and waiver of fiduciary duties. However, one discussion led by Judge Isgur focused on whether solvency should be determined based on what was known at the time of the valuation or what was known at a later date. The discussion highlighted that valuation can be a moving target based on what is known at a given point in time. Judge Isgur gave an example from his life before he became a lawyer. In 1984, the price of oil took a precipitous drop causing Houston to lose 300,000 residents. The day before oil collapsed, an apartment complex might be valued at $10 million based on comparable sales. However, there were no comparable sales for the next two years. When property started moving again, the same apartment complex would sell for $1.5 million. So what was the complex worth during the intervening years? If viewed based on the latest comparable sales, it would be worth $10 million. However, there were no willing buyers and willing sellers at this or any other price. A cynic might say that the apartment complex was worth $0 since there were no buyers at any price. However, this was clearly wrong because the real estate and the improvements clearly had some value. When real estate started moving again, it had a value of $1.5 million. Did it drop 85% in one day or was there a curve of declining value which only became apparent in retrospect?Judge Isgur gave a second example of an unknown liability. A company sold tainted grape juice which ultimately killed many people. If a solvency analysis were prepared on the day the first toxic juice hit stores, the company might appear solvent because the nature of the liability was unknown. Once the claims were liquidated years later, the extent of the liability and its impact on solvency would become known. However, how would a solvency analysis value the company while the crisis was still ongoing?Perhaps an epidemiologist could extrapolate the total number of expected deaths and injuries from the number of gallons sold and then a litigation expert could estimate the value of each type of injury. However, the true nature of the liability would only be known in retrospect. I think that the point Judge Isgur was making (and this is my interpretation) is that sometimes valuation can only be seen in hindsight and will change as more information is received. In the absence of an efficient market, valuation at different points in time may be little more than an educated guess until sufficient information is received. He gave another example of a case where he performed a valuation at one point and then after the case was reversed, he made another finding of valuation on remand. Both valuations were based on the same point in time. However, because he had more information at the time of the second valuation, the amounts differed. The first valuation wasn't wrong; it was simply based on incomplete information. As more information was developed, the valuation would become more refined. Thus, the valuation of a specific asset at a specific point in time might vary dramatically based on the information available. While there may only be one "true" valuation, that number might only become apparent some time after the fact.The same theme was picked up in the panel on The Next Generation of Bankruptcy Cases. While there is a general presumption that cases should proceed swiftly, in a case filed during a period of economic uncertainty, delay may be the best course. The Covid pandemic turned the world on its head. Hertz filed its bankruptcy case on May 22, 2020 during the early days of the pandemic. Had the case gone to a prompt resolution, there probably would not have been enough funds to pay all creditors. Because the case was allowed to move more slowly, the case paid all creditors in full and returned money to equity. What this illustrates is that at the time Hertz filed its bankruptcy, its true value was unknown due to the unprecedented event of a once in a century pandemic. Its value was always there but it couldn't be seen at the time. Because Hertz was not required to be valued at a time when the true value was unknown, it avoided a negative result. On the other hand, if the company had not had the resources to weather the Covid storm, it could have crashed and burned before its true value was realized.It seems like valuation is a bit like Shrodinger's Cat.
The threat of looming foreclosure can be a scary thought for many New Jersey residents. It can be seen as an attack on your home or place of business – two of the things many people work incredibly hard to get and maintain. When faced with the prospect of foreclosure, it can be even more intimidating and stressful if you do not know the process of foreclosure in New Jersey. Foreclosure cannot happen right away. You must miss multiple payments and be unable to work out a restructured payment plan with your lender. Only at that point can foreclosure proceedings begin. The first thing to happen in such proceedings is that the lender files a complaint with the court stating why they are foreclosing on your property. Then, you are given notice that a foreclosure is underway. After that, the lender can go to court and, if you do not fight back, can win by default and foreclose on your property. If you do decide to fight against foreclosure in court, there are other options available to you. If you need help with your foreclosure-related matters, call Young, Marr, Mallis & Associates’ New Jersey foreclosure defense lawyers at (609) 755-3115 for a free analysis of your case. What is Foreclosure in New Jersey? Foreclosure is a process by which a lender, called a mortgagor, takes the mortgaged property after the property owner, called the mortgagee, misses several mortgage payments, and “defaults” under the terms of the mortgage. A default simply is something that is not allowed by the mortgage. Usually, this means that the mortgagee missed a payment or two. However, a default can be anything prevented by the terms of the mortgage. For example, if there is a mortgage on a building housing a coffee shop that, in its terms, says that it cannot be used for residential purposes, the owner cannot put an apartment or two above the shop. Foreclosures happen specifically when you miss payments on a mortgage. Other kinds of defaults may trigger consequences other than foreclosure. For example, these other defaults could include using a building for something that is not allowed under the terms of the lease. Usually, this exists to make it so that a residence cannot also be used as a place of business or vice versa. Important Terms to Know for Foreclosure in New Jersey Foreclosure, and indeed real estate law in general, can be very complicated, even for attorneys. Part of the reason for all the confusion is that there are quite a few archaic, nonstandard terms that are frequently used in real estate and foreclosure proceedings. Although it is primarily the concern of our Trenton, NJ foreclosure defense lawyers to know these terms and what they mean, it is also useful for you to have a general understanding of some terms that will be used in foreclosure legal proceedings so that you can know what is going on to a greater degree. We’ve compiled a list of some important terms to know for the foreclosure process in New Jersey below. Mortgagor and Mortgagee Often, the parties involved in a mortgage are called the “mortgagor” and “mortgagee.” These are just fancy terms that mean “lender” and debtor.” The mortgagor is the borrower of the loan. In this case, that would mean you. A mortgagee is the lender for the loan. In most cases, this will be a bank, but it could be any entity that loaned you money to purchase the property secured by the mortgage. Liquid and Non-Liquid Assets In law and economic terms, the term “liquid” refers to cash. Therefore, a liquid asset is simply money. A non-liquid asset is something of value that is not money. In a foreclosure context, this will include the property in question. If an asset is “liquidated,” it is being sold for cash. In some circumstances, some of your assets may be exempt from liquidation. Check with our lawyers to see if you can have your property at risk for foreclosure be made exempt. Loss Mitigation Loss mitigation refers to steps that are taken by the mortgagor and mortgagee to try and prevent a foreclosure from happening in the first place. Loss mitigation can take many forms, but one of the most common is a restructuring of the payment plan so that the mortgagee can get the payments they are entitled to. Sherriff’s Sale If a foreclosure does happen, a sheriff’s sale is the term for the sale of the property. The sale is carried out by law enforcement personnel, hence the name. If worst comes to worst, you may be able to place a bid on your property at a sheriff’s sale. However, doing this can be complicated, so speak to our lawyers about this possibility. Things that Happen Before Foreclosure in New Jersey Contrary to what some people may think, foreclosure cannot happen immediately after a mortgage payment is missed. There are a number of what could be considered safeguards in place to try and let individuals who are at risk of foreclosure get their affairs in order and, hopefully, prevent a foreclosure from happening at all. This process is known as “pre-foreclosure.” Below, we will go into some of the important things that happen before a foreclosure can take place in New Jersey. Grace Period Generally, when you miss mortgage payments, you are given a “grace period” to pay them before any real consequences can happen. This grace period is usually somewhere between ten and 15 days. Consult your mortgage (or have our lawyers look at it) to determine what the exact grace period is for you. The grace period exists because, ultimately, lenders want to get paid. Having a grace period lets the unexpected happen without immediately destroying what may have been a perfectly normal mortgagor-mortgagee relationship. Default Because of Missed Payments The first real point at which there is a real risk of foreclosure on your property is after you have defaulted under the terms of the mortgage by missing a certain amount of mortgage payments. Once you default under the terms of the loan, the lender is required to try and work with you and see if a new plan can be made so that you can pay them what you owe them. That being said, some lenders will be more cooperative than others. It may be the case that your lender does not want to work things out and will only present terms as lip service to the law rather than as a good-faith effort to work things out. How Many Mortgage Payments Can You Miss Before Foreclosure in New Jersey? Foreclosure proceedings can only begin after you miss a certain number of payments on your mortgage. You can only be foreclosed on after you have not made payments for 120 days. Since payments are generally made every 30 days, this means that your property cannot be foreclosed on until you have missed four mortgage payments. However, that does not mean that there are no consequences or downsides if you have missed less than four payments. The First Missed Mortgage Payment After you miss your first mortgage payment, you have a grace period of about ten to 15 days, depending on the terms of your mortgage, to send payment to your lender. If you are able to get the payment in within that timeframe, you cannot be foreclosed on. However, you may be charged a late fee or other extra surcharge for the late payment. The Second Missed Mortgage Payment After your second missed payment, your lender is required by Federal law to try and contact you about how to fix the situation per 12 C.F.R. § 1024.39. This notice must be in writing. While many lenders will provide multiple notices of missed payments, they are only required by law to do so once. The Third Missed Mortgage Payment After your third missed payment, you are very likely to receive written or phone contact from your lender. This letter will likely be more strongly worded than any prior letters sent. This is called a “breach letter” because it lets you directly know that you are in breach of the terms of your mortgage by not making the payments you are supposed to. The Fourth Missed Mortgage Payment After the fourth missed payment, mortgagees can begin foreclosure proceedings. At this point, they will likely be contacting court officials to start foreclosure proceedings rather than contact you directly. The Start of Foreclosure Proceedings in New Jersey Foreclosure is a long, stressful, and complicated process with many steps. The good news is that means that there are many points at which you can try and work out the situation with your lender or try and challenge the foreclosure altogether. Our New Jersey foreclosure defense lawyers can help you with whatever path you choose during the difficult process of facing foreclosure on your home, business, or other property. Foreclosure Complaint Once the lender decides to foreclose on your property, they will file what is called a foreclosure complaint with the court. This complaint will state the facts of the situation as the lender understands them and sets forth why they believe they have the right to foreclose on your property. Summons and Foreclosure Complaint The next step is that you are “served,” or delivered, a summons or foreclosure complaint. This is a formal notice that you are the subject of court proceedings and that your lender is trying to foreclose on your property. While getting this information in person from one individual’s hand to another is ideal, you could also be told about foreclosure through a public ad in the newspaper or by physical or electronic mail. Response to the Complaint Once you know that you are being foreclosed against, it is very important that you respond to the complaint and do so quickly. If you do not respond, the lender can ask for what is called a “summary judgment” against you. Essentially, the opposing attorney is asking that you lose by default because you did not respond or show up to court, and your property will be foreclosed. Generally, you will have about 35 days to respond to the initial complaint. After that time, a default judgment will be issued, which means that you will lose automatically. It is incredibly important that you retain legal counsel by this point so that you are given your fair shake in the legal system. Depending on how you respond to the complaint, a number of outcomes could happen. As previously stated, if you do not file an answer, the lender will win by default. If you file a counterclaim, the case will proceed further in the court system. If the lender has committed a violation of your loan agreement, which could include not honoring a loan modification, refusing payments, or other unpermitted actions, the foreclosure may be stopped in its tracks. Other Ways to Stop Foreclosure Proceedings in New Jersey Fighting a foreclosure directly in court is not the only way to stop proceedings. Once of the most commonly used ways to prevent foreclosure is to file for bankruptcy. When you file for bankruptcy, the court places what is called an “automatic” stay on any debt collection, which includes any foreclosure proceedings. Depending on what chapter of bankruptcy you file under, the property could still be able to be liquidated, so it is important that you speak with our lawyers so that you choose the best option for your situation. Call Our New Jersey Foreclosure Defense Lawyers If you need help with your foreclosure situation, call our Cherry Hill, NJ foreclosure defense lawyer from Young, Marr, Mallis & Associates at (609) 755-3115.
Rite Aid files for bankruptcy amid slowing sales, opioid litigationThe story can be found at https://www.cnbc.com/2023/10/16/rite-aid-files-for-bankruptcy-amid-slowing-sales-opioid-litigation.htmlJim Shenwick, Esq 917 363 3391 [email protected] Please click the link to schedule a telephone call with me. https://calendly.com/james-shenwick/15minWe held individuals & businesses with too much debt!
The National Conference of Bankruptcy Judges came to Austin for its 2023 conference with the slogan Blues, Barbecue and Bankruptcy. Here are some images from the conference. Sheriff Ronnie King was the Master of Ceremonies for the Conference. Chief Judge Craig Gargotta welcomed conference goers to Austin. The Western District delegation Judge Shad Robinson Judge Ronnie KingLaw Clerk Bach Norwood The Rockestra That's a lot of bull Ouch
Tax Foreclosure: A Far Too Common Reality How many times have you heard the story about the elderly homeowner who lost their house because someone paid their delinquent taxes for a small sum of money – far less than the value of the home that they had paid off in full many years ago? Tax lien foreclosure frequently happens to elderly people who are having difficulty keeping up with their finances, even though they are totally capable of paying the bills. As people get older the sheer complexity of paperwork sometimes becomes overwhelming – and that’s when the scavengers swoop in, pay the delinquent taxes, and a few years later get a tax deed to the elderly person’s home and threaten to evict them unless they pay an extortionate amount of money. How The Supreme Court Saved a 94-Year Old Woman from Home Equity Theft Geraldine Tyler purchased a small condo in Minnesota back in 1999. Her family decided it was safer for her to move into an assisted living community in 2010. Over five years time, she accrued $2,300 in unpaid taxes and $13,000 in interest and penalties. Hennepin County had seized her property in 2015 and sold it for $40,000, paying the outstanding $15,300 debt and pocketing the rest for themselves. A putative class action brought up by Tyler went all the way to the Supreme Court, who unanimously ruled against this practice, stating that it violated the Takings Clause of the Fifth Amendment to the United States Constitution and was an unconstitutional taking of the homeowner’s property without just compensation. This means that the Minnesota tax officials are out of luck and the homeowner will get to keep their home. Read the entire brief of the 21-166 Tyler v. Hennepin County case. Bankruptcy Law: Your Front-Line of Defense Against Deed Theft If the tax deed purchaser has accomplished an unconstitutional taking without just compensation, it also has received a fraudulent transfer. In bankruptcy, fraudulent transfers can be avoided and the property can be restored to the homeowner. In such cases, Chapter 13 is an ideal remedy for the homeowner who finds themselves in debt and at the same time is facing eviction from their home because of failure to pay a minimal real estate tax bill. How many bankruptcy lawyers do you know that are up to date with Supreme Court decisions that might affect your rights? You don’t have to worry about that here at Lakelaw, Your Financial Lifesaver. David P. Leibowitz is admitted to practice before the Supreme Court and has briefed cases that have been decided in the Supreme Court in issues affecting bankruptcy cases. You can depend on Lakelaw to represent you fearlessly and zealously. When your house is on the line, we will do everything it takes within the bounds of the law to protect your interests. Contact us today to schedule a free confidential consultation. The post How Bankruptcy Law Can Protect You from Home Title Theft appeared first on Lakelaw.