21 October

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Can Cooperatives Save the Gig Economy? USING COOPERATIVE ASSOCIATIONS TO SAVE THE RESTAURANT DELIVERY BUSINESS

[vc_row triangle_shape="no"][vc_column][vc_column_text] CALIFORNIA JUDGE ORDERS UBER AND LYFT TO RECLASSIFY WORKER STATUS [/vc_column_text][vc_empty_space][vc_column_text]Recently, a California judge ordered Uber and Lyft to reclassify their workers from independent contractors to employees with benefits. Lyft planned to discontinue services in California as soon as this order was put into effect. Although it remains to be seen whether or not this decision will survive the appeals process, the decision has highlighted major problems within the modern gig economy. Workers under these ride hailing companies, as well as workers within similar food-delivery services, do not receive the benefits generally associated with employment such as health insurance, workers’...

21 October

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MANAGERS, AGENTS, AND PROCURING EMPLOYMENT – THE CALIFORNIA TALENT AGENCY ACT

Posted by Kevin Hellon

in Entertainment, Media & Tech

[vc_row triangle_shape="no"][vc_column][vc_column_text] MANAGERS, AGENTS, AND PROCURING EMPLOYMENT [/vc_column_text][vc_empty_space][vc_column_text]California’s Talent Agency Act (“Act”) requires a person or entity to have a license to act as an agent for talent (e.g., artists, signers, musicians). The Act defines an agent as “a person or corporation who engages in the occupation of procuring, offering, promising, or attempting to procure employment or engagements for an artist or artists.” http://www.dir.ca.gov/dlse/talent_agency_license.html The question is, what exactly is “procuring employment”? And, does this mean that managers cannot book shows for talent? The answer to the second question is yes: the Act effectively prohibits artist managers from booking shows, and it is...

07 July

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JUDICIAL VS. NON-JUDICIAL FORECLOSURE IN CALIFORNIA

Posted by Kevin Hellon

in Real Estate: Mortgage & Foreclosure

[vc_row triangle_shape="no"][vc_column][vc_column_text]In California, there are both “Judicial Foreclosures” and “Non-judicial Foreclosures”. A judicial Foreclosure offers some advantages to lenders, but it requires them to file a lawsuit in court and obtain court approval before selling your home. In contrast, a Non-Judicial Foreclosure allows a lender to sell the home without ever going to court. The process is completed entirely without the supervision of any Court or any other government agency. In California, the lender can choose to do either a Judicial or non-Judicial foreclosure. The borrower has no say in what type of foreclosure the lender chooses. Because non-judicial foreclosure allows...

07 July

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THE FORECLOSURE PROCESS IN CALIFORNIA

Posted by Kevin Hellon

in Real Estate: Mortgage & Foreclosure

[vc_row triangle_shape="no"][vc_column][vc_column_text]In California, a lender can choose to do either a Judicial or non-Judicial foreclosure. Since a non-judicial foreclosure allows the lender to sell your property without any government oversight, almost all foreclosures in California are Non-Judicial.[/vc_column_text][vc_empty_space][vc_column_text] NOTICE OF DEFAULT [/vc_column_text][vc_empty_space][vc_column_text]The Non-Judicial Foreclosure Process Starts with the filing of a Notice of Default, also called an NOD. This document is “recorded” with the County where the property is located. It is recorded by the “Foreclosure Trustee” who works for the lender. The document states that you are in default under the terms of your loan agreement, and that the lender is going...

07 July

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REDUCING PRINCIPAL BALANCE & REMOVING MORTGAGES (FIRST AND JUNIOR) IN BANKRUPTCY

Posted by Kevin Hellon

in Real Estate: Mortgage & Foreclosure

[vc_row triangle_shape="no"][vc_column][vc_column_text] CRAM DOWNS & LIEN STRIPPING (REMOVAL) [/vc_column_text][vc_empty_space][vc_column_text]‘Cramming down’ refers to reducing the amount of the lien to the market value — in other words, if a mortgage balance is greater than the market value of a property, the balance can be reduced down to the market value amount. Cramming down of liens can be done through Chapter 11 on properties that are not a primary residence. Liens that may be crammed down include mortgage, HELOC (home equity line of credit), HOA (Homeowners’ Association), and judgment. In a Chapter 11 bankruptcy, you can also remove fully unsecured liens from your rental properties (i.e....

07 July

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FACING FORECLOSURE? WHAT CAN A LENDER DO AFTER DEFAULT?

Posted by Kevin Hellon

in Real Estate: Mortgage & Foreclosure

[vc_row triangle_shape="no"][vc_column][vc_column_text]In the event that a trustor (or borrower) defaults on the payments owed under the note, a beneficiary (or creditor) holding a deed of trust generally has three legal options to enforce his rights. The beneficiary can: (i) sue to enforce the note obligation by bringing an action to collect on the debt; (ii) seek judicial foreclosure of the property securing the debt; or (iii) have the trustee exercise its power of sale, if such power is expressly granted in the deed of trust. The timeframe in which a beneficiary can exercise these options (the “statute of limitations”) differs.[/vc_column_text][vc_empty_space][vc_column_text] SUIT...

07 July

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FACING FORECLOSURE? WHAT DOES THE BANK HAVE TO DO BEFORE THEY CAN SELL MY HOME?

Posted by Kevin Hellon

in Real Estate: Mortgage & Foreclosure

[vc_row triangle_shape="no"][vc_column][vc_column_text] HOMEOWNER BILL OF RIGHTS [/vc_column_text][vc_empty_space][vc_column_text]As part of the California Homeowner Bill of Rights (a series of laws which took effect in January 2013 in response to the foreclosure crisis affecting the state), prior to filing a notice of default to commence a nonjudicial sale, the law (California Civil Code Section 2923) now requires that a mortgage servicer, beneficiary, or trustee contact the trustor/borrower in person or by phone in order to assess the borrower’s financial situation and discuss options available to the trustor/borrower that may avoid foreclosure. Cal. Civ. Code § 2923.5(a)(2). After this initial contact is made, the mortgage...

07 July

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DOES THE BANK HAVE TO ACCEPT MONEY I OFFER THEM TO CURE THE DEFAULT (REINSTATE THE LOAN)?

Posted by Kevin Hellon

in Real Estate: Mortgage & Foreclosure

[vc_row triangle_shape="no"][vc_column][vc_column_text] STATUTORY RIGHT TO REINSTATE LOAN BY PAYING DEFAULT [/vc_column_text][vc_empty_space][vc_column_text]A lender/bank cannot refuse to accept your payment for the full amount of default at any point prior to 5 business days before the sale. Up until then, per California Civil Code Section 2924, you have a statutory right to “reinstate” the loan by paying the default amount (plus other fees, such as interest, penalties, and costs), and they are required to file a Notice of Rescission of the Notice of Default. Cal. Civ. Code § 2924c(a)(1) The lender (or its servicer) is also required to provide the borrower with a “beneficiary statement,” which contains...

07 July

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USURY LAW (LIMITATIONS ON INTEREST RATES CHARGED ON LOANS)

Posted by Kevin Hellon

in Real Estate: General

[vc_row triangle_shape="no"][vc_column][vc_column_text]The California Constitution prohibits loans that are made primarily for personal, family or household purposes from having interest rates above 10% per year. This is California’s general usury law. However, there are many exceptions. First, as implied from the above, loans made for business purposes are not capped at 10% interest (although there are other caps).[/vc_column_text][vc_empty_space][vc_column_text] HOME LOAN EXEMPTION [/vc_column_text][vc_empty_space][vc_column_text]Second, a loan that is taken out to be used primarily for buying a home (i.e. a mortgage) or improving a home (i.e. a construction loan) are not considered loans for personal, family or household purposes, and thus are not capped at 10%...

07 July

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THE IMPORTANCE OF THE “ESTOPPEL CERTIFICATE”: ENSURING POSITIVE RETURNS FROM THE PURCHASE OF AN INCOME PROPERTY

Posted by Kevin Hellon

in Real Estate: General

[vc_row triangle_shape="no"][vc_column][vc_column_text] ABSTRACT [/vc_column_text][vc_empty_space][vc_column_text]An Estoppel Certificate is a document typically used in performing due diligence prior to the purchase of tenant-occupied property. The purpose is for a lender and purchaser to have written confirmation from tenants of certain terms. Important amongst these are: the rental amount; security deposit; duration of lease, renewal options; and, as discussed further below, a “subordination” clause. The subordination clause is used to confirm that the tenants have agreed, in their lease, that their interest is subordinate to future mortgages. Without such confirmation, the tenants’ leases have priority over mortgages that are subsequently obtained. Furthermore, only a tenant whose...

Author: Kevin Hellon

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