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Commercial Foreclosure

If your business is not able to produce enough income to pay the mortgage or a commercial investment property isn’t making money as it has in the past, you are not alone. In these challenging economic times, many owners of commercial properties are having a hard time making timely payments. If you’re going through a rough time with your property, you may be faced with commercial foreclosure.

Commercial Foreclosure Process

The commercial foreclosure process works very much like the residential foreclosure process except the process can move more quickly which requires that you move quickly as well. When you miss commercial mortgage payments, the lender will contact you about your late payment(s). If the lender concludes that the commercial loan is in jeopardy of failing, the lender will promptly involve their lawyers and set the legal process in motion. When faced with foreclosure, the most important thing to do is take immediate action. You should promptly contact your lender and talk with them about your situation, as ignoring your lender will only create more concern for the lender. Typically, the lender does not want to foreclose on your commercial property as liquidating these types of properties is far more complex than selling a residential property. The commercial lender is often open to restructuring the loan via a workout plan. It is important to contact your lender as soon as you see that you may begin missing payments and engage a LawyerASAP foreclosure attorney to begin the negotiations for loan modification and mange any legal proceedings that may arise.

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