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Firm News
Rob was
selected and appeared in a picture for the June 20th edition of the
Philadelphia Business Journal as one of the Top 50 Supporters of
Entrepreneurship in the Philadelphia Region.
Barbara Berschler, Bovarnick and
Associates intellectual property attorney, was
elected to a second 3-year-term to serve on the Washington DC
Intellectual Property Law Section. For the past two years,
Barbara has been co-chair of the steering committee, which works with
over 2,000 intellectual property attorneys around the US.
The committee oversees education programs on copyright, trademark,
patents, trade secrets and related issues.
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By:
The Attorney Columnist for The
Bulletin
I read your article on short sales.
How can I get the bank to accept the offer?
The short answer is, you can't.
This is probably the most frustrating aspect of the short sale
process. For some reason, it is difficult for the lender to make
sound business decisions. I recently had the following
situation.
A client owned an investment property that, at one time, was worth
about $450,000.00. The client lost the tenant and was unable to
continue to make the mortgage payments. The client looked for a
buyer for over a year, finally finding someone willing to offer
$350,000.00. The lender initially approved the sale.
At the last minute, the lender wrote to my client, advising that the
lender had just done another BPO (broker's price opinion), which
indicated that that property was now worth more. As a result,
the lender said they would not approve the sale unless the buyer
offered an additional $20,000.00. The buyer did not and ending
up walking away from the deal.
It was impossible to reason with the lender. My client pointed
out that, regardless of what some appraisal says, a property is only
worth what someone is willing to pay. Therefore, the new BPO
was not only a waste of time, but counterproductive.
Every side will now lose. The seller loses because it lost out on a chance to sell the property.
The lender loses because it will now have to institute a foreclosure
case, which means spending money on attorneys and waiting about a
year before the property is sold at a
sheriff's sale.
With the real estate market continuing to trend downward, it is more
likely than not that the lender will end up with less than the
current offer. Also, if the lender
decides to purchase the property for the amount it is owed, it will
then have another property in its inventory and will have to have it
insured and maintained.
Another issue with short sales is the deficiency and that many
lenders insist that sellers sign a promissory note for the
deficiency. This is a bad idea and provides very little benefit
for the lender. Lender's say many
things as to why they are insisting that seller's sign promissory
notes, none of which make sense.
What I perceive to be a potentially significant issue is the risk if
a client signs piece of paper saying that they will pay
something. There could be a problem if the individual then
files for bankruptcy. Normally, when an individual files for
bankruptcy, their unsecured debts are discharged.
However, there is a section of the bankruptcy code
that carves out from the discharge debts for an extension of credit
to the extent obtained by the use of a written statement that is
materially false. So, the
concern is that a lender can say when the individual signed the
promissory note; they knew they could not repay the amount.
Therefore, it is not
discharged and will continue to be owed. As a practical matter it is unclear as to whether any lender will
file that type of claim. However, as an attorney, I counsel
people against signing it.
In conclusion, right now it is difficult to convince lenders to make
sound business decisions. Hopefully,
this will change in the near future.
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BUILDER OF
LANGUAGE AND CULTURAL BRIDGES
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Carlos
"Charlie" Humphrey is Global Arena's Managing Director and
President. Global Arena is one of the country's top
providers of language training, interpreting and translation for
corporations. Mr. Humphrey was born in Mexico City, of
Scottish descent. He holds a Juris Doctor degree from Mexico's
National University,
School of
Law, one of the
top ten law schools in the country. Mr.
Humphrey holds a Masters Degree (LLM) from Widener
University's School of Law
in Finance and Corporate Law. He is also a
member of the Mexican College of Lawyers, the Mexican Bar
Association and was co-founder of the Antonio Carrillo Flores Law
Society (Mexico).
What is Global Arena's mission?
Global Arena is a language solutions company that bridges language and
cultural gaps to improve our customers' productivity and effectiveness
in the global market.
What services does Global Arena
offer?
As a full-service language company, Global Arena provides translation,
interpreting, language training and
intercultural training services. We translate all languages for
documents and websites and provide certified, professional interpreters
for major health networks and law firms. We specialize in
employee relocation programs and offer options for expatriates, both
inbound and outbound, as well as tailored group programs in language and
intercultural training.
What is the profile of a Global
Arena client?
For more than 20 years, Global Arena has empowered Fortune 500
companies, government agencies, entrepreneurs, non-profit
organizations, law firms, and individuals with the skills to
communicate, compete and succeed in different languages and foreign
contexts. For language and intercultural training our clients are
mid-size to large corporations, both domestic and foreign, with
operations overseas. For translation services
our clients vary from individual to corporate. Individuals
need personal documents translated, for example birth certificates or
school transcripts. Large marketing firms
require campaigns translated into different language for their target
audiences. Or, bio-chemical companies need a
medical formula and patient instructions translated into several
languages. For interpreting, we service mainly
law firms, insurance companies and healthcare institutions.
What are the benefits of
learning a second language?
The benefits of learning a second language are endless. Becoming
proficient in another language and familiar with the culture of a
country not only brings personal gain, but also raises one's worth
in today's business world. Building
relationships is a key element in business. Being able to
communicate effectively in another language and culture enables one to
develop solid and more meaningful business relationships more quickly. As globalization increases, the skill of speaking
another language other than the mother tongue opens tremendous
opportunities to an individual.
Why don't more
educated Americans speak a second language like educated people
in other countries?
There are a few reasons that may explain why Americans do not speak as
many languages as people from other countries. For one, the United States
education system is set up differently from that of many other
countries. Typically, our children begin learning a second
language much later than children in other countries, and while our
language programs may sometimes be optional, it is mandatory elsewhere
in the world. I know for example that in
Mexico all private schools teach half the school day in Spanish and the
other half in English, French, German, etc. (depending on the school)
from 1st grade to 6th grade, and then one daily mandatory hour from 7th
to 12th grade.
Also, today's unofficial global language is
English, and therefore, Americans may not feel an urgent need to
educate themselves in foreign languages.
Are Americans at a disadvantage
in business if they don't speak a second
language?
Knowing another language can facilitate bringing in more business or
creating opportunities that otherwise may not have happened. For
this reason, it is a definite advantage to speak a second language in
the business world. Even extending a greeting in your global
business partner's native language can help to create a better
relationship between your respective companies, which will ultimately
help to drive your business goals.
What languages should business
people focus on learning?
People should concentrate on the languages in which they will interact
most often or those that will benefit themselves in their
careers. Currently at Global Arena, Spanish is the most popular
language for Americans followed by Asian languages.
How long does it take to be
proficient in a second language?
It depends on the program, the language and
the individual's learning curve, so it is hard to pinpoint exactly how
long it will take to become proficient in a second language. That
is why Global Arena develops highly specialized one-on-one programs
that take into consideration the student's foreign language background,
skills, weaknesses and strengths (i.e. pronunciation, grammar, syntax,
vocabulary, etc.) Other elements that speed up
the learning process are the amount of time one can commit to learning
and how hard the person works on his or her own time.
How much should a person budget
for the instruction in a second language?
It depends on the language, the desired proficiency level, the reason
for learning the language and other factors.
How many hours a week of
instruction and how many hours of week of practice are
recommended?
The more time that an individual can commit to
learning another language, the better the results.
Learning another language does require dedication and practice in order
to gain this invaluable skill. Even someone who was once
proficient in a language will, over time, lose his or her skill without
practice or reinforcement.
In what areas of language
training have you seen the most growth?
We've seen a lot of growth in English as a second (or third, fourth)
language. With many companies in the United States now owned by or affiliated
closely with foreign companies, the relocating of employees to the United States
for multi-year assignments is increasing. While
many of these people have studied English, they almost always need
further growth and development in the language once they are here.
Does that present other
opportunities for Global Arena?
Yes, these same people very often require individualized relocation
training. Companies, too, in general may find
that the international ownership/partnership presents challenges to
teams on both sides. We provide specialized
intercultural training to address and help the international working
relationships.
Going forward, what do you
envision for Global Arena?
We are constantly looking for new technology to enhance all our
services. We have just started providing
"real-time" telephonic interpreting for all languages. We are also biding on large governmental contracts
and we are expanding our area of service to cover the whole state of Pennsylvania.
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I enjoy being able to share with everyone the
Firm's continuous growth and development. Whenever you get
the chance, pick up the phone or send me an email and let me know how
you are as well.
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