Did you know…?

In a series of short blog posts we will explore some things about our work here at Bergmann Law that many of our clients were surprised to learn. Maybe you’ll be pleasantly surprised as well.

So… did you know…hiring a good real estate attorney means you might not have to attend closing?

Closings can be tough. Often scheduled in the middle of the day, it can take a lot of time on a day when things are already hectic and stressful. Perhaps it’s also moving day and your furniture, new house or storage unit are all that’s on your mind. Maybe you are moving in and just want to get your keys already!

This isn’t possible for all clients, especially buyers whose lenders often require attendance at closing, but in the event of a smooth transaction and a cooperative team of real estate professionals, the number of clients we have been able to close through the mail is on the rise.

We can often have closing documents sorted and in the hands of the title company in advance, meaning you don’t have to sit at the closing table drinking bad coffee, eating stale cookies and making painful small talk.

So, are you closing on a property and want to find out how we can make the process as painless as possible? Give us a call.

Welcome to Bergmann Law LLC

Bergmann Law, formerly Bergmann Good, announced today that Renee Bergmann is taking the helm and resuming the Business & Real Estate Practice in the Firm’s Westmont, New Jersey office.  Bergmann takes control of the firm following 17 years of practice at various firms ranging from small, 14 lawyer firms, to an International firm of more than 800 lawyers and resident in offices from Philadelphia, Pennsylvania to New York, New York as well as right here in Camden County, New Jersey.

“It feels like I’ve come full circle and will begin practicing law while maintaining control of all cases as well as management of the Firm.  As technology continues to change at a lightening pace, it changes the way businesses operate and Bergmann Law will not only counsel clients on the protection of their – information – it will have the most up-to-date case management and back office systems that lead to both efficient and high quality work product. The Firm will help clients meet the rapidly changing business environment by leading the way with cutting edge technology of its own.”

Bergmann Law also offers a robust and expansive real estate practice. Working collaboratively with both you and your Realtor through the residential or commercial sale process leads to smoother transactions with better results.  The Firm also regularly works with real estate investors regarding all aspects of the business.  Renee Bergmann stands uniquely qualified to represent you in your real estate transaction, as both a licensed New Jersey Realtor, active real estate instructor and investor, she understands both the legal and practical aspects of negotiating and closing a deal.

Bergmann Law will continue to serve its business clients as “inside counsel from the outside,” offering advice and support to small and mid-size companies – companies without the budget for in-house counsel, but sophisticated enough to know good advice and support are necessary for business stability and growth.

The Firm culture is one of technology integration with efficient and high quality results.  Danielle Bergmann, a graduate of St Andrews University in Scotland acts as both legal support and office management.  Her research background and experience on the tech side lends just the right balance to the Firm.

Renee Bergmann has previously served in leadership roles in both the Pennsylvania Bar Association, the National Association of Women Lawyers and the Philadelphia Bar Association.  She was an adjunct faculty member at Arcadia University, has spoken at Rutgers-Camden School of Law, the American Bar Association and most recently continuing education classes at the Real Estate School.  Ms. Bergmann has extensive Real Estate and Business experience from transactional to high stakes litigation.  She earned a J.D. from Rutgers-Camden School of Law, and her B.S.H.S. from Thomas Edison State College in Trenton, where, at the time of commencement, she had earned her degree faster than any graduate in the university’s history.

Bergmann Law strives to take complicated issues and offer simplified results.  Call us and see what we can do for you.

I Want My Kids To Have The Best Start Possible

Right? Who doesn’t? Well, Debbie Downer is back with some stories of parents who helped their kids get a start in the world by co-signing student loans, mortgages or otherwise becoming financially obligated for their kids’ debts.  Picture this: your daughter has the wedding of her dreams and after a year of wedded bliss in an apartment, they decide it’s time to become first-time home buyers.  How exciting! Soon you’ll have grand-kids playing in the big back yard just waiting for grandpa and grandma to visit!

House hunting, the kids fall short of the lending requirements for that dream house and it looks like the dream of home ownership is about to go up in flames.

But wait! The lender asks if anyone can co-sign for the kids and you are only too happy to help.  Several years go by, and right on target arrive grandchild #1, the #2.  Life is good and you and your wife are looking at another 10 years until retirement.  You decide to downsize.  There’s not a lot of equity in your home, but getting rid of the debt and into a smaller, less expensive property is a high priority, so you do some home shopping of your own.

This is where Debbie Downer enters the picture.  Your lender runs your credit and sees your obligation on your daughter’s home as well.  This new debt/income ratio leaves you unable to even downsize.  WHAT! HOW CAN THAT BE?

So you ask your daughter and son-in-law to refinance and take you off the mortgage.  Well, guess what (don’t forget about Debbie’s role in this story please) – during that conversation the kids break the news that divorce is filed and your son-in-law recently quit paying the mortgage.  It’s not hit your credit report yet, but it won’t be long now.

What to do?

If you could do it again follow the famously coined advice of Nancy Regan and “just say no.” It’s not tough love – it’s reality.  If the kids do not qualify for the mortgage in the first place, that means they cannot afford it.  Go smaller, less expensive or remain a tenant until circumstances change.

How about those student loans? If you sign on the dotted line, the interest rate is better and as we all know, the kids will have to pay back any student loan obligation because there is no way out of it.  Right?  So with your signature (encouragement, love, blood, sweat and tears) your kid gets through 4 years of undergraduate, and 4 years of graduate school leaving with an advanced degree and the prospect of a long and lucrative career.  He also graduates owing Uncle Sam about $200,000 dollars, but that six figure salary easily offsets the monthly obligation.

Wait a minute…Debbie is back and WHAM…right after graduation your son is tragically killed.  As if losing your son is not enough, what do you think happens to those loans?

You guessed it – Uncle Sam will be knocking on your door looking for that $200,000.  Now there are ways to mitigate Debbie’s horrible scenario, such as getting a term life insurance policy in an amount to cover the loan in the event the unthinkable happens.  But remember,  that life insurance policy, although a great idea to cover the most tragic of circumstances, does not help if your kid can’t find a job, or runs into financial trouble down the road.

What can we at Bergmann & Good do to guide you through these daily financial decisions? Lending and credit obligations are our specialty.  Give us a call before you sign.  If you own a business, there may be even more creative ways to offer your kids the best, while protecting your nest egg for retirement. Call us first and hopefully you’ll never have to meet Debbie Downer.