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Susan Rahm, chair of the Real Estate Department for Kaye, Scholer, Fierman, Hays & Handler and named "One of the Best Lawyers in New York" by New York magazine, observes that "On the leasing front we are seeing more tenants consulting lawyers as to how to protect themselves in situations where the building owner may have financial difficulties." The Use of Limited Liability Companies On a totally unrelated subject, Rahm says that "one new area of activity is the use of Limited Liability Companies (LLCs). In addition to replacing limited partnerships, LLCs are being used in lieu of tenancies in common and ...
Lately, much has been written and talked about in the news regarding real property short sales and foreclosures. Federal and state law have also been changing in an attempt to assist homeowners who find themselves “under water” and burdened with excessive mortgage debt. When faced with a foreclosure, a homeowner has various options and may be assisted by advice from an attorney. A purchase-money borrower (when the deed of trust secures the purchase-money loan, as opposed to a refinance) in particular should consider these different options because in California, generally, if ... Read More
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