Latest / Ask the Lawyer / 08/01/2024 Ask the Lawyer with Tom Peyton

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08/01/2024 Ask the Lawyer with Tom Peyton · Ask the Lawyer

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Speaker 6: It's a twenty two and this is five ADS, the
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Speaker 6: voice of Charleston. Good Thursday morning to you. If it's
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Speaker 6: a Thursday morning, that means, as the song says, the
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Speaker 6: Peyton Law Firm in Nitro is here and the lines
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Speaker 6: are open. Three oh four three four five fifty eight
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Speaker 6: fifty eight. Three oh four, three four five fifty eight
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Speaker 6: fifty eight. Tom Peyton is in the studio. Good morning Tom, Good.
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Speaker 4: Morning, Jeff. Glad to be here. Power of Peyton's here today, Peyton.
1:16
Speaker 4: We uh there's I left the house this morning in
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Speaker 4: Tays Valley and there's this weird, cool, clear substance falling
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Speaker 4: from the sky.
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Speaker 6: Was raining, you got what.
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Speaker 4: I don't know what they've had in Charleston, but we
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Speaker 4: had a little bird thing. We had a storm burst
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Speaker 4: like Monday night. You know, here's thunder and get up
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Speaker 4: and yeah, but it lasted like ten minutes. And uh,
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Speaker 4: I mean literally, I don't know that we've had quarter
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Speaker 4: inch of rain other than that little burst in like
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Speaker 4: thirty forty five days. And this this heat is just uh.
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Speaker 6: Yeah it it the last couple of storms here right
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Speaker 6: in Charleston. I know some places north of Charston have
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Speaker 6: got in some places south, but it seems like it's
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Speaker 6: just splitting apart, you know, right before I gets to Charleston.
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Speaker 6: Adding to the urban myth of the chemicals, you've heard that, Yeah,
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Speaker 6: you ever heard that? You know the chemical has put
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Speaker 6: a don.
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Speaker 4: Okay, right, Well, it always seems to go kind of
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Speaker 4: when we're in Putnam County, can't I think of it?
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Speaker 4: It goes north of I sixty four a lot and
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Speaker 4: uh in north of the river, and it's holding true,
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Speaker 4: because I don't know. It's just I don't remember a
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Speaker 4: summer where we've had this length of time with this
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Speaker 4: much heat and this little rain. I haven't mowed my
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Speaker 4: lawn in three weeks. Yeah, that's right. We died it
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Speaker 4: around the edges and told the motor guy to hold
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Speaker 4: off because it's just not doing anything. But my tomatoes
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Speaker 4: look good though. Just keep watering them and they're they're
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Speaker 4: coming on. So I have a little gardener and certainly
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Speaker 4: not a master gardener. But uh, anyway, glad to be here.
2:41
Speaker 7: Uh.
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Speaker 4: Listening to Metro News on the way in, and boy,
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Speaker 4: it's just hate to be to dead horse. But here
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Speaker 4: we got another interesting thing with the creditors of Governor Justice,
2:52
Speaker 4: and I saw his uh, I guess you know, he's
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Speaker 4: still doing these virtual briefings, which you know, credit for
3:00
Speaker 4: doing briefings maybe once a week or something or even more,
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Speaker 4: which is nice. I'm not sure why they need to
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Speaker 4: be virtual. And then now he's excluded Brad Michaelhaney, the
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Speaker 4: investigative news reporter from Metro News, from participating. So when
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Speaker 4: you have it on Zoom or whatever they use, you
3:18
Speaker 4: know you so you get on your computer and then
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Speaker 4: you log into the meeting or whatever they call it
3:23
Speaker 4: on the computer, and then you can see what they
3:25
Speaker 4: can mute you if you're not the host of the meeting,
3:28
Speaker 4: so the governor's staff would be the host of the meeting,
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Speaker 4: I presume, or they can just deny access. So, uh,
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Speaker 4: they've apparently denied access to the press. Now let me
3:39
Speaker 4: you know if that's a There have been occasions in
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Speaker 4: this area where we've had some people that label themselves
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Speaker 4: as the press and they're more like fringe gossipers or something,
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Speaker 4: and and they aren't really members of the press. Do
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Speaker 4: you get is there something official? You get that from
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Speaker 4: an organization that lab.
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Speaker 6: You can but I note you talk about Yeah, I mean.
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Speaker 4: To just say hey I'm pressed and put a lanyard
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Speaker 4: on or something.
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Speaker 6: Used to you had to have a state police identification. Okay,
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Speaker 6: I have one from years and years ago, but they
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Speaker 6: don't require that anymore.
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Speaker 4: Yeah, I mean there could be some kind of you know,
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Speaker 4: legitimate news.
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Speaker 6: I mean the legislature you have to have one, you.
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Speaker 4: Do, yeah, okay, yeah, yeah, as opposed to just letting
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Speaker 4: every Tom Dick and Harry come in and say they're
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Speaker 4: a member of the press because they have a blog
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Speaker 4: or something, for example. I would understand if you have
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Speaker 4: a rabel rouser that's causing, you know, burning out things
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Speaker 4: or stuff like that, to exclude them from one of
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Speaker 4: those press conferences. But as as a person who sometimes
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Speaker 4: files cases to combat government overreach and maybe watch dog
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Speaker 4: type cases, sometimes it's troubling to me to have what
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Speaker 4: I think is probably the most prominent statewide news service
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Speaker 4: be exclude from the governor's press conferences no matter what
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Speaker 4: they ask, unless it's just something to harass. But I
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Speaker 4: don't believe W Metro News would let their reporter go
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Speaker 4: and ask harassing type of questions that serve no other purpose.
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Speaker 4: So it won't make any difference. Because Governor Justice is
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Speaker 4: going to get elected to the Senate most likely. There's
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Speaker 4: a great candidate from Wheeling. I've heard him. I don't
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Speaker 4: know him. I've heard him talk on Interviewsanelli. He's smart,
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Speaker 4: he's reasonable. He probably doesn't have a million creditors out there,
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Speaker 4: I don't know. I think he's filed proper financial disclosures.
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Speaker 4: So we'll just keep on the same path we're on.
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Speaker 4: But the news I heard this morning was now the
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Speaker 4: Greenbrier is quit up for auction in late August, and
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Speaker 4: so that is not for failure to pay taxes. It
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Speaker 4: is a private foreclosure sale and go I haven't done
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Speaker 4: a foreclosure in a while, but I know how to
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Speaker 4: do them. I've done many of them, dozens of them,
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Speaker 4: or probably one hundred or more in my career. So
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Speaker 4: when you see the words deed of trust, that's essentially
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Speaker 4: what a mortgage is called in West Virginia. So if
6:15
Speaker 4: lender a loans money to Jeff Jenkins, Jeff and some
6:22
Speaker 4: land is going to be security for that loan, and
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Speaker 4: then Jeff would sign what's called a deed of trust,
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Speaker 4: and it actually in essence equitably deed it in a
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Speaker 4: way over to a trustee, which normally is the lawyer
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Speaker 4: or a bank officer that handles the lending transaction to closing.
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Speaker 4: So I'm a trustee on multiple deeds of trust care
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Speaker 4: in fact, I'm recording one after we leave the radio
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Speaker 4: where I'm the trustee, so that doesn't affect me in
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Speaker 4: the future. If the borrower doesn't pay their property tax,
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Speaker 4: for example, there's other issues. I'll get noticed potentially as
6:58
Speaker 4: an interested party in the property. And then you know,
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Speaker 4: I'm just kind of a nominal party, because there's the
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Speaker 4: lender behind it that actually is the beneficiary of the
7:09
Speaker 4: deed of trust. And usually there's a promisory note that
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Speaker 4: accompanies it. Not always recorded that the data trust is
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Speaker 4: public record, so anybody can go read it. The promisory
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Speaker 4: note that generally goes with it is not always attached
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Speaker 4: to the data trust, so you might not be able
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Speaker 4: to go to the courthouse and see the particular terms
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Speaker 4: of it. So if you need to figure out how
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Speaker 4: to pay it off, for example, if you were wanting
7:30
Speaker 4: to pay off the loan I just referenced, somebody would
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Speaker 4: have to get ahold of the lender and figure out
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Speaker 4: what the payoff is, pay it off, and then that
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Speaker 4: deed of trust is released. You don't get a deed
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Speaker 4: back to you, it's just a release that's recorded. Pretty
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Speaker 4: much standard in those deeds of trust is an acceleration clause.
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Speaker 4: So if you are paying back one hundred thousand dollars
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Speaker 4: loan in my scenario, and you know you're fifty or
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Speaker 4: twenty payments in, but you know it still needs to
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Speaker 4: go on for an number of years, and you go in,
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Speaker 4: you don't make your payment in time, then most in
8:05
Speaker 4: a language and deeds of trust. It may be in
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Speaker 4: Westernia code, but it's in all the deeds of trust
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Speaker 4: that I've drafted. The lender, not the substitute trust not
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Speaker 4: the trustee that I am with. The lender would send
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Speaker 4: a note as hey, you got to get this caught up.
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Speaker 4: You got to cure this default by a certain time,
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Speaker 4: and there's a minimum time they have to give them.
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Speaker 4: It can't be like one day normally. And then if
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Speaker 4: they fail to cure that default, then there's language and
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Speaker 4: the deed of trust them that allows them to accelerate
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Speaker 4: the note, meaning well, now since you haven't paid it,
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Speaker 4: the full amount is due, not just your monthly payments.
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Speaker 4: And then from there they can notify the trustee, hey
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Speaker 4: we want to foreclose on this property. And a lot
8:44
Speaker 4: of times when it gets to that point, like if
8:46
Speaker 4: I'm busy or I don't want to do it or
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Speaker 4: can't do it, then the lender would just assign a
8:50
Speaker 4: new substitute trustee. And when you see those recorded, you
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Speaker 4: know that that loan's gotten behind because there's no reason
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Speaker 4: to go substitute in a new trustee. You got to
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Speaker 4: draft a document and recorded at the courthouse. So that's
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Speaker 4: what's happened here. You can see where the initial attorney
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Speaker 4: probably that did the closing down is Louisbourg has been
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Speaker 4: substituted out and Patrick Jones has been substituted in as
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Speaker 4: the substitute trustee, so he is the one that would
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Speaker 4: take on the foreclosure sale, which then you got to
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Speaker 4: give notice. We assume it was seen, it was published
9:23
Speaker 4: in the paper, which is why the press knows about
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Speaker 4: it at this point, and notified of a particular date
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Speaker 4: for sale. Now will lenders really demand the full balance
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Speaker 4: due or foreclose? I think generally as long as the
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Speaker 4: default is cured completely, you know, interest, penalty costs, and
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Speaker 4: the payments are caught back up. Most of the time
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Speaker 4: the foreclosure sale just be called off and lenders will
9:53
Speaker 4: sometimes work with the borrowers too, because they don't necessarily
9:58
Speaker 4: want to be in the real estate business because a
9:59
Speaker 4: lot of time when you go to these it's a
10:01
Speaker 4: public sale. So I've done them. You go to the
10:03
Speaker 4: courthouse and say I hereby you know, offer for sale.
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Speaker 4: Pursue it too, and you read the notice out and
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Speaker 4: then anybody can show up and bid on it. Generally
10:12
Speaker 4: it's it's got to be cash, but it doesn't have
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Speaker 4: to be like US currency. You have to have some
10:18
Speaker 4: documentation that you have like a credit line immediately available
10:22
Speaker 4: for payment, and then there's some fallow up work that
10:25
Speaker 4: needs to be done, and creditors, other creditors that have
10:31
Speaker 4: leans recorded like I've had them with the IRS, or
10:35
Speaker 4: you know, just have other lenders out there, they ought
10:38
Speaker 4: to be given notice as well because they have an
10:41
Speaker 4: interest in it. They can come show up and bid
10:43
Speaker 4: on it to preserve their right. And then of course,
10:45
Speaker 4: if there's enough bid on it to pay off the
10:48
Speaker 4: lender that is foreclosing, Like if you owed fifty grand
10:51
Speaker 4: on that and somebody shows up at the foreclosure sale
10:54
Speaker 4: and pays one hundred grand, the initial lender only gets
10:58
Speaker 4: their debt pay the fifty grands. Then the balance is
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Speaker 4: paid out two different creditors based on hierarchy, or potentially
11:05
Speaker 4: to the borrower if it's sold for more than all
11:08
Speaker 4: the creditors are out. So I think this my guess,
11:12
Speaker 4: you could see this coming in a way because when
11:15
Speaker 4: you don't pay your consumer sales tax that you've collected,
11:18
Speaker 4: I mean, that's where customers are paying. And essentially it's
11:22
Speaker 4: a pass through by the greenbridy of the state they've
11:26
Speaker 4: it's so much, it's it's over two million dollars I think,
11:28
Speaker 4: and they they resolved some of it. But when you
11:31
Speaker 4: see that, to me, common sense indicase they got some
11:34
Speaker 4: real financial trouble because they.
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Speaker 6: Had problems with their mortgage too. I mean that would assume, well,
11:39
Speaker 6: now they are right, yeah.
11:40
Speaker 4: Right, right, you are right. So yeah, so if you're not,
11:42
Speaker 4: I mean, if you're if you're robing Peter to pay
11:45
Speaker 4: Paul on consumer sales tax that you're just supposed to
11:50
Speaker 4: pass through almost like a trustee, then what's happening with
11:55
Speaker 4: all your other creditors where it's not you know, you
11:57
Speaker 4: don't have money sitting there. It's supposed to just pass through.
12:00
Speaker 4: So it's not surprising. Of course, I didn't know what
12:03
Speaker 4: mortgages or they have recorded against the Greenbrier at all.
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Speaker 4: So but but this you could see this coming if
12:08
Speaker 4: you knew that there was a mortgage there. And ordinarily,
12:12
Speaker 4: you know, foreclosures are not necessarily done real quick, like
12:15
Speaker 4: right after the first payment's missed or something, so this
12:18
Speaker 4: has probably been a long time coming. I have clients
12:23
Speaker 4: that want to do owner financing and get calls on it,
12:26
Speaker 4: and I usually discourage it. For normal clients, there's reasons
12:31
Speaker 4: to do it. Sometimes it helps with capital gains. For example,
12:34
Speaker 4: I'm not a CPA, so refer to a CPA for
12:38
Speaker 4: any income tax laws or advice. But there is a
12:42
Speaker 4: way I believe to, you know, spread your income out
12:44
Speaker 4: for capital gains tax purposes if you owner finance, because
12:48
Speaker 4: you're actually only getting payments so much income per year.
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Speaker 4: You still get a ten to ninety nine for the
12:52
Speaker 4: gross when you sell it, but you don't actually have
12:54
Speaker 4: to count the income until received most of the time,
12:57
Speaker 4: and then pay tax on it as it comes in.
12:59
Speaker 4: But I generally discourage my clients to do owner financing
13:04
Speaker 4: because most of the time, when you're being asked to
13:06
Speaker 4: owner finance a deal, it's because the folks that want
13:09
Speaker 4: to buy it from you, in an essence, borrow the money.
13:13
Speaker 4: Can't get credit with lenders whose job it is to
13:17
Speaker 4: loan and make money off loans. So if they've done
13:20
Speaker 4: an underwriting process. Underwriting mean just analyze whether it's sound
13:25
Speaker 4: to loan this person money in a professional lender A
13:28
Speaker 4: bank won't do it. Why would you want to get
13:31
Speaker 4: in the business of doing that because you don't just
13:33
Speaker 4: get to quote take the property back, which is what
13:35
Speaker 4: I hear all the time. You have to hire, normally
13:39
Speaker 4: a lawyer to go do a foreclosure sale. It can
13:42
Speaker 4: be quite complicated if there are a lot of different creditors.
13:46
Speaker 4: You hope that the mortgage you have it's priority over
13:48
Speaker 4: those other creditors. It usually does. If it was used
13:51
Speaker 4: to purchase the property. It's called a purchase money deed
13:54
Speaker 4: of trust, which gives it priority over most other creditors.
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Speaker 4: But I discourage it because you can't just go in
14:00
Speaker 4: and evict somebody. That's not how it works, and you're
14:03
Speaker 4: going to spend depending on what lawyer you hire and
14:07
Speaker 4: how complicated it is. You know, thousands of dollars going
14:10
Speaker 4: through the foreclosure, and yeah, you can tack that on
14:12
Speaker 4: the debt these the borrower owes you. But a lot
14:15
Speaker 4: of times you go to foreclosure sales and the lender
14:17
Speaker 4: you're representing just buys it back for something close to
14:21
Speaker 4: what the debt is, and then if there's a balance
14:24
Speaker 4: beyond that, then then that that deficiency or the difference
14:27
Speaker 4: there can you can sue them sometimes and go after them,
14:30
Speaker 4: but you know you're probably not going to get anything
14:32
Speaker 4: because you're you've already loaned money to somebody that doesn't
14:35
Speaker 4: have credit with legitimate lenders, and now you spent a
14:38
Speaker 4: bunch of money trying to get them. Now you will
14:40
Speaker 4: if it's if the foreclosure is done properly.
14:43
Speaker 3: Uh.
14:43
Speaker 4: You generally get the property back if you buy as
14:48
Speaker 4: a lender at a foreclosure selle free and clear of
14:50
Speaker 4: the utter leans, So then you do have it back
14:52
Speaker 4: and can then you can have people living there that
14:54
Speaker 4: won't move out, and you've got to hire a lawyer
14:56
Speaker 4: to evict them and get possession, and you got to
14:59
Speaker 4: deal with personal property inside. And so it's a real
15:02
Speaker 4: it's not as simple as it as as a lot
15:05
Speaker 4: of folks that call me think it is.
15:07
Speaker 6: So well, and on this Greenbrier thing again, the story
15:11
Speaker 6: at WV metronews dot com. There's a foreclosure sale that's
15:15
Speaker 6: been scheduled and August twenty August twenty seventh, and so
15:19
Speaker 6: you can assume, and I think rightly assume that there's
15:23
Speaker 6: been talks and negotiations or something. I mean, there's been
15:27
Speaker 6: talks because you know, the bills hasn't haven't been paid.
15:30
Speaker 6: It might get worked out, like you said, I mean,
15:32
Speaker 6: you just never know. But Brad's story. Brad Maqueeney story
15:36
Speaker 6: says it's only for it appears to be the building itself,
15:40
Speaker 6: and maybe the parking caused the rest of the properties
15:43
Speaker 6: under other entities.
15:44
Speaker 4: I couldn't see the in the Metro News article. I
15:47
Speaker 4: saw it was more like the introductory paragraph for the
15:51
Speaker 4: foreclosure notice. I didn't there's a description below that, probably
15:54
Speaker 4: like a meats and bounds description, I meaning, like a
15:57
Speaker 4: surveyor type description of what is encompass within that deed
16:00
Speaker 4: of trust. And as I understand, it just encompasses the
16:04
Speaker 4: hotel and maybe the parking area that goes along with
16:07
Speaker 4: it because other entities. It's not that other entities own
16:11
Speaker 4: on it. But in order to have a deed of trust,
16:13
Speaker 4: I mean, it has to describe exactly what property is
16:15
Speaker 4: the collateral for the debt. And so if you go
16:17
Speaker 4: back and look at that deed of trust at the courthouse,
16:20
Speaker 4: it's probably you can probably it's in Greenberg County. I
16:23
Speaker 4: think they're online and see it. It'll have a legal
16:25
Speaker 4: description of what is the property subject to that debt.
16:30
Speaker 4: And I've had cases where lenders get it wrong and
16:32
Speaker 4: they've got the wrong property and we have to straighten
16:34
Speaker 4: it all out and things like that. But yeah, we'll see.
16:37
Speaker 4: I mean, it'll probably be resolved before that day again,
16:41
Speaker 4: will be my guess, or at least delayed, and then
16:44
Speaker 4: it can be noticed again. I've had that, you know,
16:46
Speaker 4: we'll cancel this one. Let's try and work something out.
16:49
Speaker 4: Doesn't get worked out, then you renotice it again and
16:52
Speaker 4: then have to go through the foreclosure sales. So we'll we'll,
16:55
Speaker 4: we'll see how it goes.
16:56
Speaker 6: And this, you know, even if it was Paul Smith
17:01
Speaker 6: who owed the Greenbrier Resort, this would be a story
17:04
Speaker 6: because it's the Greenbrier Resort Smith. I'm just saying, Oh,
17:08
Speaker 6: I didn't mean to say Paul Smith. I just meant
17:09
Speaker 6: to say John Doe. Okay, sorry about that, best chef Smith,
17:14
Speaker 6: but I meant John. Even if it's John Doe who
17:16
Speaker 6: owns the Greenbrier Resort. You may remember back in you know,
17:21
Speaker 6: as your dad would say, in the odds uh, the
17:24
Speaker 6: the you know, CSX says we're out. But that was
17:27
Speaker 6: a huge store, you know, and they said we don't
17:29
Speaker 6: want it, you know, we don't want it anymore. We
17:31
Speaker 6: don't want the green Brough.
17:32
Speaker 4: The marit was trying trying and Jim Justice and got
17:35
Speaker 4: it save the day. And you know that's I'm not
17:40
Speaker 4: a big Greenbrier guy. You know, I go there when
17:42
Speaker 4: I have meetings that I have to attend, but uh,
17:45
Speaker 4: I don't gamble, so I don't need the casino. But
17:50
Speaker 4: you know, I have that attitude. But when I go
17:51
Speaker 4: every few years for a meeting, it is really nice
17:54
Speaker 4: and really impressive. And and and I hope it stays.
17:58
Speaker 4: It's a gym of the state and and and you know,
18:00
Speaker 4: give Jim Justice credit for coming in and maybe helping
18:05
Speaker 4: back then as opposed to having some big corporate entity
18:07
Speaker 4: that doesn't have any local ties buying it. But he's
18:11
Speaker 4: just got I mean, I don't know anything about it
18:13
Speaker 4: his business dealings, but obviously there's a lot of yeah,
18:17
Speaker 4: a lot of financial issues there. And we'll see. I mean,
18:20
Speaker 4: you know, it would seem that if somebody buys that,
18:24
Speaker 4: they would probably just continue to operate the hotel because
18:27
Speaker 4: you don't know what else you would do with it. Still,
18:29
Speaker 4: the golf courses and the other amenities I don't think
18:31
Speaker 4: are included in the in the in the sale.
18:35
Speaker 6: But right we're gonna take a break, Okay, Tom Payton's
18:37
Speaker 6: with this Peyton Law Firm in Nitro. Three or four
18:40
Speaker 6: three four five fifty eight fifty eight. Three oh four
18:43
Speaker 6: three four five fifty eight fifty eight. Any questions about
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Speaker 6: the law, Thomas here to answer your questions and the
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Speaker 6: eighty WCCHS The Voice of Charleston Jeff Jenkins with Tom
20:24
Speaker 6: Payton and the Peyton Law Firm in Nitro three oh
20:27
Speaker 6: four three four five fifty eight fifty eight three oh
20:29
Speaker 6: four three four five fifty eight fifty We've been talking
20:33
Speaker 6: about the breaking news today about the the uh foreclosure
20:40
Speaker 6: the scheduled date of the sale of the Greenbrier Resort
20:42
Speaker 6: because of some issues of basically paying its mortgage. But
20:47
Speaker 6: also now we see there's been a statement release by
20:50
Speaker 6: the Greenbrier family or the Family Justice family of companies
20:54
Speaker 6: that is God.
20:54
Speaker 4: I haven't really had much chance. I haven't had a
20:56
Speaker 4: chance to read it. It looks like they're maybe indicating
20:58
Speaker 4: it's the JP Morgan is the lender, I think, although
21:03
Speaker 4: you can. I mean, if there's a when you borrow
21:07
Speaker 4: money on a mortgage, Folks that have mortgages are probably
21:11
Speaker 4: pretty familiar with this. They often get assigned to another entity.
21:14
Speaker 4: But those assignments are supposed to be recorded in the
21:17
Speaker 4: record room where the deed of trust and deeds are recorded.
21:20
Speaker 4: So probably if there's any question but who the lender is,
21:22
Speaker 4: that can be tracked in that manner. But sometimes they
21:25
Speaker 4: have private assignments to that aren't aren't recorded timely. So
21:31
Speaker 4: but I think it's just more he's been paying this
21:34
Speaker 4: statement of some to the effect.
21:37
Speaker 6: Let me read this. This says, let me be clear
21:42
Speaker 6: and let me see who this is coming from here.
21:44
Speaker 6: Bob Wolford of Miller Johnson Grand repres mission on behalf
21:47
Speaker 6: of the Justice Companies. Let me be clear that the
21:49
Speaker 6: Greenbrier will not be sold to the Justice. Fan will
21:51
Speaker 6: take all necessary action to ensure that there will not
21:53
Speaker 6: be any adverse impact on their ownership with the Greenbero.
21:55
Speaker 6: The Greenbrier's operations build to be the Greenbrier to continue
21:57
Speaker 6: to provide world class service where its guests will be uninterrupted.
22:01
Speaker 6: This spokesman for the company says, Governor Justice and the
22:06
Speaker 6: Justice Couders will vigorously defend their position and take necessary
22:09
Speaker 6: protective action while they continue to value significant damage claims
22:12
Speaker 6: against JP Morgan and other parties involved. So they're blaming
22:15
Speaker 6: the banking companies.
22:16
Speaker 4: Well, isn't that the usual? You know, isn't that the usual?
22:19
Speaker 4: So I don't know, I know that they I don't
22:24
Speaker 4: think a foreclosure sale would be noticed without some okay,
22:28
Speaker 4: element of default.
22:29
Speaker 6: Here it is. We read part of this. On July one,
22:31
Speaker 6: twenty twenty four, the Governor was summer lyrics summarily notified
22:35
Speaker 6: in writing by JP Morgan that, despite the existence of
22:37
Speaker 6: a mutual agreement to resolve the outstanding obligations that was
22:40
Speaker 6: being executed upon, they had sold the loan to Beltway Capital. Okay, okay.
22:45
Speaker 6: After purchasing the loan, Beltway immediately declared the loan to
22:47
Speaker 6: be in default, initiated suit against the Governor and certain
22:50
Speaker 6: of his companies, and commence foreclosure proceedings against the Greenbrier.
22:54
Speaker 6: This deceitful move by JP Morgan is nothing more than
22:57
Speaker 6: the latest political stunt by the Democrats to undermine the
23:01
Speaker 6: next Republican Senator from West Virginia. In recent days, JP
23:03
Speaker 6: Morgan CEO Jamie demon stanch Tis the Democratic Party and
23:07
Speaker 6: his support for the Biden Harris administration contam control of
23:10
Speaker 6: the Senate by the Democrats have been well documented. This
23:13
Speaker 6: political stunt just to led us to several rounds of
23:15
Speaker 6: attack on Governor Justice and his businesses for political gain.
23:19
Speaker 4: Sure, I guess all these creditors out there has been
23:22
Speaker 4: reported on the last two years are just all fake news,
23:25
Speaker 4: I guess. But no, I mean, I guess the question
23:30
Speaker 4: is the debt current. They didn't say that anywhere in
23:35
Speaker 4: the notice, did they. So I don't know what side
23:38
Speaker 4: agreements they have with JP Morgan. I know that it's
23:40
Speaker 4: real hard for normal people to get some kind of
23:43
Speaker 4: side agreements with a large mortgage lender. There's also and
23:47
Speaker 4: this gets pretty convoluted and beyond my scope of expertise.
23:52
Speaker 4: Only kind of know a little bit, but I mean,
23:53
Speaker 4: there are some Most of these mortgages are federally backed
23:56
Speaker 4: and insured, and so there are some requirements lenders have
24:01
Speaker 4: to do as far as collection and the way in
24:03
Speaker 4: which they handle these debts. They can't just let it
24:05
Speaker 4: go if it's you know, they only have so much leeway.
24:08
Speaker 4: That may be different in an entirely commercial transaction, but
24:12
Speaker 4: I know that certainly applies sometimes with residential home loans.
24:16
Speaker 4: And again that gets too complicated, and I've not been
24:19
Speaker 4: involved in those details. But the other thing that can
24:23
Speaker 4: happen is because the lender has an interest in the
24:25
Speaker 4: property if it's put up. You know, if the property
24:28
Speaker 4: tax goes delinquent, for example, the bar is supposed to
24:31
Speaker 4: be paying, it's not escort into the loan. The lender
24:33
Speaker 4: doesn't pay, the lender has a right to come in
24:34
Speaker 4: and because they're initiative party and pay those back property tax.
24:38
Speaker 4: And I don't know if this property has been delinquent
24:41
Speaker 4: for property tax purposes, I know a lot of them
24:44
Speaker 4: have because I've seen the reports on that down in
24:46
Speaker 4: Greenborough County. Then it could be also that the lender
24:48
Speaker 4: had to come in and because they got to protect
24:50
Speaker 4: their collateral. So if it's going to the property tax,
24:53
Speaker 4: leans are super leans, so they when the sheriff or
24:59
Speaker 4: the state auditor goes in to do a sale of
25:02
Speaker 4: a tax certificate for delinquent property taxes, the lender has
25:08
Speaker 4: a right to protect their interests by going in and
25:10
Speaker 4: paying them so it won't go for sale and have
25:13
Speaker 4: all these other fees incurred and that kind of thing
25:15
Speaker 4: where you know you have a time to redeem it
25:17
Speaker 4: after that, but and then that lumps into the loan
25:20
Speaker 4: balance that's due in essence, same thing. They can force
25:23
Speaker 4: place insurance if the barer fails to keep the property
25:27
Speaker 4: insured like for fire or hazard, because they want to.
25:30
Speaker 4: They have a right to protect their interest in that
25:33
Speaker 4: collateral in case they need to foreclose. So there's a
25:37
Speaker 4: lot of details there, none of which are provided in
25:39
Speaker 4: that public statement, and it's again spend to claim it's
25:44
Speaker 4: I don't know Beltway Capital. I have no idea who
25:46
Speaker 4: that is. I don't know why JP Morgan made the
25:49
Speaker 4: decision to sign it or sell it to them. I
25:53
Speaker 4: suspect because of the size of JP Morgan that it
25:58
Speaker 4: wasn't a political stunt or an attempt at to see
26:02
Speaker 4: it was probably based on some financial basis. But you know,
26:07
Speaker 4: maybe JP Morgan, I mean, I know, I don't know
26:10
Speaker 4: their net worth, but I mean it's an international and
26:15
Speaker 4: large investing banker. It's probably got billions of asses.
26:18
Speaker 6: Let's see what JP Morgan says.
26:19
Speaker 8: Yeah, if they say anything, if they say anything, because
26:23
Speaker 8: this public this publication here by the Greenbrier is that.
26:30
Speaker 4: Seems like a political stunt type publication. I don't know
26:33
Speaker 4: why JP Morgan would even say anything about it, because
26:37
Speaker 4: I don't think it will affect their business one iota.
26:39
Speaker 4: But we can wait and see. Now, maybe you built
26:42
Speaker 4: way capital because you know, I don't know what their
26:45
Speaker 4: connection is, if they have an interconnection like a subsidiary
26:48
Speaker 4: or something with JP Morgan, but I guess they own
26:50
Speaker 4: the note now, so they decided, hey, this is behind,
26:53
Speaker 4: We're going to foreclose. I didn't referenced a lawsuit, so
26:56
Speaker 4: I didn't realize. You know, you don't. In Western Virginia,
27:00
Speaker 4: foreclosure seal normally is non judicial, so the courts aren't involved.
27:04
Speaker 4: There isn't a lawsuit that's necessary normally to do a foreclosure. You,
27:08
Speaker 4: as the lender, would say, hey, Tom, you're the trustee.
27:12
Speaker 4: I want to foreclose on this. I'd say, all right,
27:15
Speaker 4: I don't even know how much is owed or anything.
27:18
Speaker 4: And if the if the if the borer calls me
27:21
Speaker 4: when they get a notice, I generally just send them
27:23
Speaker 4: to the lender and say, you know, trying to work
27:25
Speaker 4: it out with them. And if the lender says, stop
27:27
Speaker 4: this foreclosure. We're working it out. Then I do.
27:31
Speaker 6: Ken Nick now, could the Greenbrier now? And it's kind
27:33
Speaker 6: of referenced there. They're going to fight this. Some mean
27:35
Speaker 6: could day night try? Yeah, they could follow it on
27:38
Speaker 6: something to try to I've had.
27:39
Speaker 4: Cases where I've had to fillow lawsuits to get an
27:45
Speaker 4: injunction to stop a foreclosure sale when it shouldn't have
27:48
Speaker 4: been going because the lender, not JP Morgan, but some
27:52
Speaker 4: other I would say, off brand or smaller lender. You know,
27:57
Speaker 4: it was trying to foreclose when my client wasn't default
28:01
Speaker 4: and you couldn't get them to respond because it's you know,
28:03
Speaker 4: it's hard to find a human that had any authority
28:06
Speaker 4: or wherewithal and so they got foreclosure notices and we
28:09
Speaker 4: had to file. I've done that a couple of times
28:11
Speaker 4: in my career and secured injunctions to prevent the foreclosure sale.
28:17
Speaker 4: If they have some good faith basis for contending the
28:22
Speaker 4: foreclosures bad, then judge it probably delay it because you know,
28:27
Speaker 4: once it goes through, it's hard necessarily to reverse although
28:30
Speaker 4: foreclosure sale that day. You know there's not a deed
28:33
Speaker 4: transferred that day that there's got to be a trustees
28:35
Speaker 4: report filed, which is a in this case, it'd probably
28:38
Speaker 4: be rather lengthy showing you all the notices that we're
28:40
Speaker 4: giving before the foreclosure sale. And then eventually there's a
28:43
Speaker 4: deed from the trustee to the person or the entity
28:47
Speaker 4: that bought it at the foreclosure sales. So there's some
28:49
Speaker 4: delay even after a foreclosure sale. Before that it would
28:51
Speaker 4: be there would be finality, So it's not like if
28:55
Speaker 4: it gets to that day it's necessarily over either. But
28:58
Speaker 4: but yeah, if they have some good faith reason that
29:01
Speaker 4: the foreclosure sales shouldn't be happening, I think normally a
29:05
Speaker 4: judge at least they can do a temporary restraining order,
29:08
Speaker 4: which is normally ex partey, where only the like in
29:12
Speaker 4: this case, the Greenboro would file out and the judgement
29:13
Speaker 4: immediately enters something to delay it for maybe ten days,
29:17
Speaker 4: and then they would have a pliminary injunction hearing or
29:20
Speaker 4: normally evidence has to be presented. That's where you hear
29:22
Speaker 4: some testimony, and that's where we hear these factors like
29:25
Speaker 4: is there a likelihood that the person wanting the injunction
29:29
Speaker 4: will succeed on the merits, meaning when the case overall,
29:31
Speaker 4: and whether there be a reparable harm if this foreclosure
29:35
Speaker 4: sale isn't stopped depending the resolution of this lawsuit, for example.
29:38
Speaker 4: So we could see that and it wouldn't surprise me
29:41
Speaker 4: if it's delayed if they go that route. It references
29:44
Speaker 4: a lawsuit in this public statement, So I don't know
29:48
Speaker 4: if that's a misnomber meaning a lay person not a lawyer,
29:52
Speaker 4: used the word lawsuit when it's actually they're just referring
29:55
Speaker 4: to a non judicial foreclosure sale. That wouldn't surprise me
29:59
Speaker 4: if they got wrong. They're either, But.
30:02
Speaker 6: Yeah, so they're kind of reset. Here is a public
30:06
Speaker 6: notice has been filed that basically says that the Greenbrier,
30:11
Speaker 6: the Justice Families are in default in paying their loan off.
30:16
Speaker 4: It's Greenbrier. Let's be clear. I think the entity was
30:18
Speaker 4: like Greenbrier Hotel Corporation owned.
30:21
Speaker 6: By the Justice families, right, and so it is owned
30:24
Speaker 6: by the Justice families, and there was a schedule foreclosure,
30:28
Speaker 6: courthouse steps, scheduled sale. The in the Justice family come
30:36
Speaker 6: out has come out now with a statement saying that
30:38
Speaker 6: they had kind of a deal worked out with JP
30:41
Speaker 6: Morgan Chase that on how to pay the debt. You know,
30:44
Speaker 6: because whatever the problems were, and then just out from
30:48
Speaker 6: under them, JP Morgan sells it to this other lender
30:51
Speaker 6: sells the note to this other and the lender calls
30:53
Speaker 6: the note.
30:54
Speaker 4: And lender then takes the more aggressive stands from relation
30:57
Speaker 4: to collection the new lender. And so that's apparently in
31:01
Speaker 4: according to the Greenbrier or some kind of political stunt
31:03
Speaker 4: or something, and I seriously doubt that. But I don't
31:07
Speaker 4: know who this belt Way Capital is, and it can
31:10
Speaker 4: be research. I mean, they're going to be registered probably
31:13
Speaker 4: with the I forget that in West Virginia, maybe with
31:17
Speaker 4: the b Banking Department, and then the federally maybe as
31:22
Speaker 4: a control or currency. I'm probably getting those terms wrong
31:25
Speaker 4: because I only only likely get into those fields sometimes.
31:28
Speaker 4: But yeah, they as a lender, uh, they should be
31:32
Speaker 4: registered with multiple governmental entities. So you could see probably
31:36
Speaker 4: who's behind it and that who the principles of that
31:38
Speaker 4: company are and and and they may put out a
31:41
Speaker 4: statement about why they're foreclosing, and that will be interesting
31:45
Speaker 4: to see if they, I.
31:46
Speaker 6: Mean, we may get more details on how much is owed,
31:49
Speaker 6: how much hasn't been paid, how late payments have been.
31:52
Speaker 4: Right, you know, you got to be careful. There's a
31:54
Speaker 4: lender on that because a lot some of that's private,
31:57
Speaker 4: and because like I said that the deeds of trust
32:00
Speaker 4: have generally some basic terms to them. A lot of
32:03
Speaker 4: times they'll have the term of years, maybe an interest
32:06
Speaker 4: rate or something like that. Because the deeds of trust
32:10
Speaker 4: also can go bad. I've had I've had them where
32:13
Speaker 4: when I do title searches, there's old ones like twenty
32:15
Speaker 4: years old. Well they just never released and that lender
32:18
Speaker 4: doesn't even exist anymore, like Bank of Boone County or whatever,
32:22
Speaker 4: and maybe maybe now it's been assigned so many times
32:25
Speaker 4: it's a part of West Banco and then you got
32:26
Speaker 4: to find who there can release it, and you can't.
32:29
Speaker 4: So there's statute of limitations on them that is at
32:33
Speaker 4: least sometimes based on the term of years of the
32:36
Speaker 4: deed of trust, so that's usually in there. But the
32:39
Speaker 4: promise would have the details, and like I said, that's
32:42
Speaker 4: normally not well often not recorded publicly. So and whether
32:49
Speaker 4: our lender's going to you know, publish at this point
32:53
Speaker 4: details of a borrower's payment history and that kind of thing,
32:58
Speaker 4: I kind of doubt.
32:59
Speaker 6: At least we might get a statement hopefully made from
33:02
Speaker 6: JP JP Morgan Chase.
33:05
Speaker 4: Yeah about Way Capital, and they may, I said, my
33:08
Speaker 4: guests would be if they make a statement, it's not
33:10
Speaker 4: gonna have a lot of detail about specific payments that
33:13
Speaker 4: were missed and things like that. It probably would be more.
33:17
Speaker 6: But pretty, isn't it pretty? Tom? Pretty strip? I mean,
33:22
Speaker 6: if you go that far, it's you know, I mean
33:25
Speaker 6: pretty straightforward. I mean, if you've, if you've.
33:28
Speaker 4: Should be now now if there's something in you know,
33:31
Speaker 4: you're dealing with large corporate entities like this, I mean
33:34
Speaker 4: a conversation about hey, can we delay this or that
33:40
Speaker 4: doesn't generally overcome the very detailed written documents that have
33:44
Speaker 4: been signed. So I guess if there's some you know,
33:47
Speaker 4: when we had the mortgage crisis in like eight when
33:50
Speaker 4: there was loans given to people that never should have
33:53
Speaker 4: got them, and then you know you have the pandemic too.
33:55
Speaker 4: There are deferments, agreements that can be done. They should,
33:59
Speaker 4: They're gonna be in writing, and they lot of times
34:01
Speaker 4: they're recorded. And so if what the Greenbrier Hotel corporations
34:05
Speaker 4: saying like, well we have an agreement that you know,
34:08
Speaker 4: we're able to defer interest for a while for example,
34:12
Speaker 4: pay principle only. I've seen that it's there's got to
34:15
Speaker 4: be a document out there showing that that kind of
34:17
Speaker 4: thing is generally not enforceable, uh, based on some verbal communication.
34:24
Speaker 4: That's there's some exceptions to that, but in large you know,
34:28
Speaker 4: I don't know what the dead amount, it was over
34:30
Speaker 4: a million dollars. What I can't remember what the this
34:32
Speaker 4: Data Trust would have a debt amount on it initially,
34:35
Speaker 4: and I don't remember what it said in the article
34:36
Speaker 4: if it was there. But uh, but you know that
34:40
Speaker 4: that large of amount, there's there should be something in
34:42
Speaker 4: writing if there, in fact was a legitimate agreement to
34:47
Speaker 4: modify the initial loan terms.
34:49
Speaker 6: Pretty fascinating, quite honestly.
34:51
Speaker 4: Yeah, we'll still this will be interesting to see it
34:53
Speaker 4: plays out. You know, if I have some time, I'll go,
34:55
Speaker 4: you know, go see what the Data Trust says and
34:58
Speaker 4: maybe follow up on it next week or give Brade
35:01
Speaker 4: some information. Unfortunately, he sounds like he will not be
35:04
Speaker 4: allowed to ask about it because this fake news claim,
35:10
Speaker 4: you know, to call w MET news fake news is
35:12
Speaker 4: that's fake news. That's fake news. So and everybody there,
35:16
Speaker 4: it's dangerous. You know, you we don't screen calls here.
35:20
Speaker 4: You call here. I don't know what the question or
35:22
Speaker 4: the comment will be until I hear it on the
35:23
Speaker 4: radio other than maybe the seven second delay, then everybody
35:28
Speaker 4: else hears it, you know. So that's just how I
35:30
Speaker 4: operate and Dad does as well. And so to for
35:35
Speaker 4: a government official to limit the press from asking questions
35:39
Speaker 4: a legitimate press organization is dangerous, period period to to Uh,
35:47
Speaker 4: that's part of the way. I mean can call people
35:50
Speaker 4: and we're not talking about news on the national that
35:52
Speaker 4: Fox News versus ABC verse, CNN and all that kind
35:55
Speaker 4: of stuff. We're talking about on a local level, what
35:57
Speaker 4: is generally as a reputation of a rather conservative media
36:02
Speaker 4: organization in my opinion. Uh, you know, to not be
36:05
Speaker 4: allowed to ask questions because they ask hard questions of
36:10
Speaker 4: the government, that's dangerous, folks, don't you know, don't listen
36:15
Speaker 4: to this fake news on this one. It's wrong. That's
36:17
Speaker 4: fake news. To call Brad fake news.
36:20
Speaker 6: All right, Peyton low for me night.
36:22
Speaker 4: Yeah. Well, other than commentary, we alsill had a lot
36:25
Speaker 4: of cases for people. So if you've bet we like
36:27
Speaker 4: to try cases. That's what we do. We try. We're
36:29
Speaker 4: try lawyers, and we represent a lot of people that
36:31
Speaker 4: get hurt. Unfortunately, if they get hurt, they can give
36:35
Speaker 4: us a call and we can help them fight an
36:36
Speaker 4: insurance company or or 're a big corporate interests. That's
36:41
Speaker 4: we generally represent regular people. Do a lot of small
36:43
Speaker 4: business work though as well. But if you want to
36:45
Speaker 4: reach us, you can give us a call at the
36:47
Speaker 4: office three or four seven five five five five five six.
36:49
Speaker 4: Actually put some nice pictures up of our office Intier
36:52
Speaker 4: next year last week on Facebook.
36:54
Speaker 6: It is beautiful.
36:54
Speaker 4: Se go check it out. Yeah, you know, we got
36:56
Speaker 4: our comference room table. Richard Sink, the fellow who crafted that,
37:00
Speaker 4: chimed in there. There's no unlike it in the world
37:02
Speaker 4: because it's the only one. And then some artists there
37:05
Speaker 4: chimed in as well. So check us out on Facebook.
37:08
Speaker 4: I know it's like us and then I post on
37:12
Speaker 4: there personally. So we try and keep everybody up to
37:13
Speaker 4: date on what's going on with the Peyton Law Firm.
37:16
Speaker 4: Or email us at Peyton Lawfirm dot com. That comes
37:18
Speaker 4: directly to me and to Dad's computer. Not some can service,
37:22
Speaker 4: So don't hesitate. We don't charge you for the first call,
37:25
Speaker 4: We don't charge you for the first email. We don't
37:27
Speaker 4: charge anything unless we tell you we're going to and uh,
37:30
Speaker 4: we'll be glad to talk.
37:31
Speaker 6: To you all right, Tom Good, seeing you you too,
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