Latest / WCHS Network Podcasts / 08/01/2024 Ask the Lawyer with Tom Peyton

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08/01/2024 Ask the Lawyer with Tom Peyton · WCHS Network Podcasts

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  Speaker 3: of page.
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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.
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  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.
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  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,
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  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
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  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
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  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
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  Speaker 4: on the computer, and then you can see what they
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  Speaker 4: can mute you if you're not the host of the meeting,
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  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
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  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
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  Speaker 4: lender a loans money to Jeff Jenkins, Jeff and some
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  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
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  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
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  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
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  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
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  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
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  Speaker 4: of times when it gets to that point, like if
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  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
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  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
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  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
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  Speaker 4: sometimes work with the borrowers too, because they don't necessarily
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  Speaker 4: want to be in the real estate business because a
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  Speaker 4: lot of time when you go to these it's a
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  Speaker 4: public sale. So I've done them. You go to the
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  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
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  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
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  Speaker 4: documentation that you have like a credit line immediately available
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  Speaker 4: for payment, and then there's some fallow up work that
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  Speaker 4: needs to be done, and creditors, other creditors that have
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  Speaker 4: leans recorded like I've had them with the IRS, or
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  Speaker 4: you know, just have other lenders out there, they ought
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  Speaker 4: to be given notice as well because they have an
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  Speaker 4: interest in it. They can come show up and bid
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  Speaker 4: on it to preserve their right. And then of course,
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  Speaker 4: if there's enough bid on it to pay off the
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  Speaker 4: lender that is foreclosing, Like if you owed fifty grand
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  Speaker 4: on that and somebody shows up at the foreclosure sale
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  Speaker 4: and pays one hundred grand, the initial lender only gets
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  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
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  Speaker 4: to the borrower if it's sold for more than all
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  Speaker 4: the creditors are out. So I think this my guess,
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  Speaker 4: you could see this coming in a way because when
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  Speaker 4: you don't pay your consumer sales tax that you've collected,
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  Speaker 4: I mean, that's where customers are paying. And essentially it's
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  Speaker 4: a pass through by the greenbridy of the state they've
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  Speaker 4: it's so much, it's it's over two million dollars I think,
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  Speaker 4: and they they resolved some of it. But when you
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  Speaker 4: see that, to me, common sense indicase they got some
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  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,
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  Speaker 6: now they are right, yeah.
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  Speaker 4: Right, right, you are right. So yeah, so if you're not,
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  Speaker 4: I mean, if you're if you're robing Peter to pay
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  Speaker 4: Paul on consumer sales tax that you're just supposed to
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  Speaker 4: pass through almost like a trustee, then what's happening with
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  Speaker 4: all your other creditors where it's not you know, you
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  Speaker 4: don't have money sitting there. It's supposed to just pass through.
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  Speaker 4: So it's not surprising. Of course, I didn't know what
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  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
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  Speaker 4: you knew that there was a mortgage there. And ordinarily,
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  Speaker 4: you know, foreclosures are not necessarily done real quick, like
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  Speaker 4: right after the first payment's missed or something, so this
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  Speaker 4: has probably been a long time coming. I have clients
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  Speaker 4: that want to do owner financing and get calls on it,
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  Speaker 4: and I usually discourage it. For normal clients, there's reasons
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  Speaker 4: to do it. Sometimes it helps with capital gains. For example,
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  Speaker 4: I'm not a CPA, so refer to a CPA for
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  Speaker 4: any income tax laws or advice. But there is a
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  Speaker 4: way I believe to, you know, spread your income out
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  Speaker 4: for capital gains tax purposes if you owner finance, because
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  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
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  Speaker 4: gross when you sell it, but you don't actually have
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  Speaker 4: to count the income until received most of the time,
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  Speaker 4: and then pay tax on it as it comes in.
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  Speaker 4: But I generally discourage my clients to do owner financing
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  Speaker 4: because most of the time, when you're being asked to
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  Speaker 4: owner finance a deal, it's because the folks that want
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  Speaker 4: to buy it from you, in an essence, borrow the money.
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  Speaker 4: Can't get credit with lenders whose job it is to
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  Speaker 4: loan and make money off loans. So if they've done
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  Speaker 4: an underwriting process. Underwriting mean just analyze whether it's sound
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  Speaker 4: to loan this person money in a professional lender A
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  Speaker 4: bank won't do it. Why would you want to get
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  Speaker 4: in the business of doing that because you don't just
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  Speaker 4: get to quote take the property back, which is what
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  Speaker 4: I hear all the time. You have to hire, normally
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  Speaker 4: a lawyer to go do a foreclosure sale. It can
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  Speaker 4: be quite complicated if there are a lot of different creditors.
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  Speaker 4: You hope that the mortgage you have it's priority over
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  Speaker 4: those other creditors. It usually does. If it was used
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  Speaker 4: to purchase the property. It's called a purchase money deed
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  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
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  Speaker 4: and evict somebody. That's not how it works, and you're
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  Speaker 4: going to spend depending on what lawyer you hire and
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  Speaker 4: how complicated it is. You know, thousands of dollars going
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  Speaker 4: through the foreclosure, and yeah, you can tack that on
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  Speaker 4: the debt these the borrower owes you. But a lot
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  Speaker 4: of times you go to foreclosure sales and the lender
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  Speaker 4: you're representing just buys it back for something close to
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  Speaker 4: what the debt is, and then if there's a balance
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  Speaker 4: beyond that, then then that that deficiency or the difference
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  Speaker 4: there can you can sue them sometimes and go after them,
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  Speaker 4: but you know you're probably not going to get anything
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  Speaker 4: because you're you've already loaned money to somebody that doesn't
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  Speaker 4: have credit with legitimate lenders, and now you spent a
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  Speaker 4: bunch of money trying to get them. Now you will
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  Speaker 4: if it's if the foreclosure is done properly.
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  Speaker 3: Uh.
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  Speaker 4: You generally get the property back if you buy as
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  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
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  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
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  Speaker 4: to evict them and get possession, and you got to
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  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
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  Speaker 4: of folks that call me think it is.
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  Speaker 6: So well, and on this Greenbrier thing again, the story
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  Speaker 6: at WV metronews dot com. There's a foreclosure sale that's
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  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
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  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.
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  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
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  Speaker 4: surveyor type description of what is encompass within that deed
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  Speaker 4: of trust. And as I understand, it just encompasses the
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  Speaker 4: hotel and maybe the parking area that goes along with
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  Speaker 4: it because other entities. It's not that other entities own
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  Speaker 4: on it. But in order to have a deed of trust,
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  Speaker 4: I mean, it has to describe exactly what property is
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  Speaker 4: the collateral for the debt. And so if you go
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  Speaker 4: back and look at that deed of trust at the courthouse,
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  Speaker 4: it's probably you can probably it's in Greenberg County. I
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  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.
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  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
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  Speaker 4: it all out and things like that. But yeah, we'll see.
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  Speaker 4: I mean, it'll probably be resolved before that day again,
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  Speaker 4: will be my guess, or at least delayed, and then
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  Speaker 4: it can be noticed again. I've had that, you know,
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  Speaker 4: we'll cancel this one. Let's try and work something out.
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  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.
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  Speaker 6: And this, you know, even if it was Paul Smith
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  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
• 18:46
  Speaker 6: the law, Thomas here to answer your questions and the
• 18:49
  Speaker 6: lines are open three or four three four five fifty
• 18:52
  Speaker 6: eight fifty back in a moment on five eighty double chs.
• 18:55
  Speaker 7: Hey, it's stay valid for Parmore stores. And now that
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• 19:24
  Speaker 5: According to USA Today, one in seven children in West
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  Speaker 5: Virginia face food in security issues. Hi, I'm Jason Quintrel,
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  Speaker 3: What the power of Payson on your side?
• 20:18
  Speaker 6: The power of bas He's a forty two on five
• 20:21
  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,
• 37:32
  Speaker 6: all right. ABC News is next five e to Live
• 37:34
  Speaker 6: with Dave Allen. After that, this is five eighty w
• 37:37
  Speaker 6: c CHS.
• 37:48
  Speaker 2: W c HS A W two four three D R
• 37:50
  Speaker 2: F M Charles STONN W two A three HU cost
• 37:52
  Speaker 2: Lanes at WVRC Media Station. We're proud to live here too,