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IN THE SPOTLIGHT
| Bart Blechschmidt, Esq. |
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Bart's legal practice emphasizes SBA creditors' rights and litigation issues, including real estate and business litigation with a focus representing commercial lenders and commercial property managers. Bart represents a wide range of lender clients from small community banks and credit unions to large institutional clients in a broad range of disputes. In addition, Bart routinely handles real estate transactions and land use matters. He has been awarded the distinction of an "AV" rating with the lawyer rating service of Martindale-Hubbell. The AV� certification mark represents the highest rating level awarded by Martindale-Hubbell, and is a testament to the fact that the lawyer's peers rank him at the highest level of professional excellence. Bart also has extensive commercial litigation experience in employment law, defending employers against wrongful termination, retaliation, discrimination, sexual harassment, wage and hour claims and other employment related issues. In addition to handling the litigation, Bart counsels employers and assist them in implementing appropriate policies and procedures to avoid litigation.
To read more about Bart, click here. |
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FEATURED ARTICLE
Best Practices: Basics of Real Estate Security
By: Joseph A. Ernst, Esquire
| Joseph A. Ernst, Esquire |
In the Unites States, one key difference between the various states is how real estate is treated as collateral for a loan; some states secure a loan through the use of a mortgage, while others use a deed of trust. Both mortgages and deeds of trust provide real estate security to a lender for the debt of the borrower; however, the foreclosure process under the two differs significantly. In general, when there is a mortgage, the lender must go to court to foreclose on its security, while when there is a deed of trust, the lender can take advantage of a non-judicial foreclosure. This is because under a deed of trust, at the time the loan is made, the borrower conveys title to the real estate in trust to a trustee, who holds it for the benefit of the lender, and most importantly gives the trustee the right to sell the property at a non-judicial foreclosure sale should the borrower go into default. For loans secured by a deed of trust, the process of foreclosure can be relatively short.
In contrast, mortgages are an agreement directly between the borrower and the lender, with no third party trustee involved. While a mortgage, like a deed of trust, will create a lien on the real estate, it does not have the same concept of conveyance in trust that a deed of trust has, and because of that difference, mortgages generally require the lender to enforce its lien through a judicial procedure. In order to foreclose on a defaulting borrower, the mortgage lender must follow state statutory law by filing a lawsuit in the local courts. Many states have very strict laws on how judicial foreclosures must be handled, and give the borrower many opportunities to postpone the eventual foreclosure. In addition, the borrower also has the right to appeal the judgment of foreclosure, and this can delay the process even more. Moreover, many mortgage states also give the defaulting borrower a statutory right of redemption, that is, the borrower has a period of time after the actual court order of foreclosure where it has the right to buy back, or redeem, its property. Due to the need to for the lender to foreclose through a judicial process, foreclosure under a mortgage can be relatively lengthy.
For more information regarding foreclosure processes and real estate security, please contact Joe at 215.542.7070 or at [email protected].
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EVENTS & SEMINARS
Protecting the SBA Guarantee Start to Finish
Date: Wednesday, August 28, 2013
Time: 2:00 pm EST
Location: Webinar
For more information about this event and/or to register, click here.
Date: September 11, 2013 through September 13, 2013
For more information about this event and/or to register, click here.
Date: November 5, 2013 through November 7, 2013
For more information about this event and/or to register, click here.
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WHAT OUR CLIENTS SAY...
Fredda K. Morgan / SBA Administrator / Green Bank
I have known and worked with David Starfield and Ethan Smith since the mid 90's. The SBA market has seen many changes over the years and in every aspect of my association with them, from processing to liquidation, they and their firm have proven to be experienced, knowledgeable and professional. I wouldn't be where I am today without them showing me the way. I refer anyone to them that is in need of their services.
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