Riezman Berger, P.C. Turns Under Water Property Into Gold
Frederick J. Berger successfully recovered millions of dollars of collateral in a voluntary loan workout for a regional lender involved in real estate loans in Florida, which was the ground zero of the real estate meltdown now affecting virtually the entire United States. Since Florida does not allow private foreclosure sales, Fred was able to avoid being tied up for several years in a judicial foreclosure in the State of Florida by forging a voluntary surrender and sale of the undeveloped real estate. When asked about the key to his success in the case, Fred stated, “We put pressure on the guarantors of the loan because we knew that the judicial foreclosure on the real estate would have taken up valuable time and would have required a lengthy lawsuit. We are relentless when representing a creditor, and we understand the loan documents and how to successfully develop the right strategy for any given case. Results are what matters to our clients.”
When asked what was the trickiest part of solving the puzzle, Fred noted, “I had to work with the underwriter of the title insurance company to get the title insurer to accept a deed in lieu of foreclosure which did not release the guarantors and debtor from a deficiency balance on the debt. Being able to persuade the underwriter to accept the deed for the real estate in a way that protects the client was critical to the Bank.”
Frederick J. Berger has built a strong practice in the areas of Business Law, Closely Held Businesses, Mergers and Acquisitions, Communications and Media, Hospitality Law, Hotel Development and Franchise Transactions, Licensing Transactions, Contract Law, Governmental Affairs and Regulations, Municipal Law, Real Estate Transactions, Complex Tax Free Exchanges and Strategies dealing with Disregarded Entities and valuations of fee and leasehold interests, Real Property Leases, Land Development, Zoning Law, Entertainment Law and Offensive/Defensive Business Strategies in land use, legislation and government regulated industries. Fred’s practice centers on the representation of businesses and lenders in general business, employment agreements, non-competition agreements and real estate transactions, as well as commercial lending transactions. Fred’s clients range from start up businesses and middle market companies to Fortune 100 corporations. Fred also represents creditors in lending, workout and foreclosure situations.