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So Your Commercial Borrower Is In Default? Protecting your Security Interest

SKU: REL8800
Total Credits
2 - 2.8
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Banks, commercial lenders, private investors and loan holders are confronted with a number of important decisions when business owners default on their loan obligations and/or fall behind on their mortgage payments for their commercial property. New Jersey has seen an influx of foreclosures over the recent years. One way that lenders can protect their security interests in their respective properties is by instituting foreclosure proceedings to recover the properties at issue and engage in various proceedings to secure payment of the debt.

This CLE program will examine the steps that a lender/owner/holder of the note, mortgage and related loan documents for a commercial property may take to protect its interests. We will touch upon the common (and not so common) issues that may arise throughout the process, the relevant case law, court rules and procedures, and supply practice pointers and general recommendations.

Lecturer Bios

Philip S. Rosen, Esq.

Philip Rosen is a skilled, efficient problem-solver who has practiced law as a commercial litigator since 1992. Phil’s diverse practice includes mortgage-related litigation, foreclosures, business disputes, complex real estate matters and employment related disputes. Phil has been resident in the firm’s New Jersey office since 2000 and was named partner in 2010.

Through his sharp and creative litigation strategies, Phil has developed a reputation as an accomplished litigator having appeared in significant matters in the state and federal courts throughout New Jersey and New York. Phil’s experience enables him to have critical understanding of the unique needs of his clients and the expertise to pursue their objectives. Phil has had substantial success representing lenders and special services in complicated high-stakes litigation involving CMBS issues, challenges to the enforceability of pooling and servicing agreements, prepayment consideration and default interest provisions in commercial loan instruments, to a lender’s standing to maintain foreclosure proceedings and to its status as a holder-in-due course.

Phil has handled numerous workouts and contested foreclosures in New Jersey and New York involving claims arising under RESPA, TILA, HOEPA, FCRA, FDCPA, state consumer fraud statutes, predatory lending, unfair business practices and receivership issues. Phil’s practice also includes litigating employment and commercial disputes for closely held and publicly traded corporations, and assisting investors in their due diligence and acquisition of performing and defaulted loan portfolios.

Kerry Duffy, Esq.

Kerry Duffy is a litigation associate in ZEK’s New Jersey office. Practicing law since 2002, Kerry engages in civil trial and appellate practice in a variety of areas, including foreclosures, commercial disputes, mortgage-related litigation, contract disputes, and bankruptcy/creditor’s rights matters on behalf of financial institutions, banks, Fortune 500 companies, and private investors. Kerry previously served as a Law Clerk to the Honorable Edwin R. Alley, J.A.D. in the Superior Court of New Jersey – Appellate Division, and has utilized the skills gained in her judicial clerkship in her practice.

Kerry handles matters from pre-suit investigation through motion and trial practice, and has litigated before the Superior Court of New Jersey, the United States District Court, District of New Jersey, and the United States Bankruptcy Court. Kerry is also admitted to practice in the United States Court of Appeals for the Third Circuit and the United States Supreme Court. Kerry has represented corporate and individual clients in suits involving claims for breach of contract, breach of fiduciary duty, fraud, business torts, breach of the Fair Credit Reporting Act, New Jersey Consumer Fraud Act, Truth-in-Lending Act, Real Estate Settlement Procedures Act, and RICO statutes.

Over the years Kerry has effectively represented lenders and special servicers in connection with non-performing residential and commercial loans involving judicial foreclosures, collection actions, receiverships, and the defense of predatory lending and lender liability claims. Kerry has in-depth knowledge of the foreclosure process, and presented at the National Business Institute Seminar, Real Property Foreclosure: A Step-by-Step Workshop, where her presentation focused on residential foreclosure litigation and a detailed walk-through of the process’ legal considerations.

ZEK’s clients have received the benefit of Kerry’s innovative litigation strategies, and her in depth familiarity with the state and federal courts. Through these skills, she has secured beneficial results for ZEK clients in a variety of areas. For example, she recently secured the dismissal of all claims in a State Court action through early motion practice, avoiding the protracted litigation usually associated with allegations of predatory lending, lender liability, and convoluted fraud claims. Kerry’s efforts resulted in significant cost savings to the client. Similarly, Kerry recently secured relief for another ZEK client in a Chapter 11 case in the United States Bankruptcy Court. When it became apparent the client was not being adequately protected, she secured relief from the bankruptcy stay so the client could pursue all state court remedies available to protect its security interest in the property at issue.

Outside the office, Kerry enjoys: running, having completed five half-marathons and a marathon; volunteering for local charitable organizations; and spending time with her nephews.

Kerry has been resident in ZEK’s New Jersey office since 2010.

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