The financial crisis, and subsequent slow recovery, has created a real estate market today that is different from any other. The supply of available real estate continues to grow, while demand remains relatively low, resulting in lingering downward pressure on real estate values. Banks are taking ownership of real estate by way of foreclosure and then offering to sell foreclosed properties at drastically reduced prices adding low priced supply to a market that already has too much supply and not enough demand.
Many property owners continue to make loan payments on "underwater" mortgages without a careful analysis of their options. Homeowners are depleting all available savings, liquidating retirement accounts and investment accounts, delaying the payment of critical federal and state tax liabilities, selling assets, borrowing money from family and friends all in a valiant effort to remain current on their real estate loans. These decisions make a bad situation much worse. Too many borrowers are limiting their options by waiting too long to seek legal and financial advice concerning their real estate loans. Unrealistic expectations of an improved market next season or next year can result in poor financial decisions today.
Banks and other lenders contributed to this crash by flooding the market with easy money during the years 2001 through 2007 followed by a drastic reduction in lending beginning in 2008. These same lenders and their loan servicers are now overwhelmed with defaulted and distressed borrowers and they are unable to respond with creative solutions. Many Judges disapprove of the actions and attitude of lenders directed at distressed borrowers and are doing whatever they reasonably can to help.
As an attorney with over 25 years of experience I am committed to helping my clients make focused and strategic decisions. I have combined my strong background in finance with 25 years of legal experience and significant experience as a real estate developer and investor to counsel my clients facing underwater real estate loans. Any property owner with an underwater mortgage or distressed loan will benefit from a careful analysis of their options. Sophisticated and knowledgeable real estate developers and investors will benefit from a clear detached and independent assessment of their situation and will also benefit by having a "buffer" in any negotiations with their lender.
The cornerstone of my practice is the commitment I make to work diligently to serve the needs of my clients.