Commercial Foreclosure
The Law Offices of Kaufman, Englett and Lynd, LLC (KEL Attorneys) is a nationally recognized Law Firm that specializes in Commercial Foreclosure Defense and is licensed to practice in FL, GA, NC, PA, MA, TX, MI, MD, CA, IL, NY, NJ, MO, TN, CT and OH.
The number of commercial foreclosures has risen dramatically in the last few years, largely due to the fact that many of these mortgages were short in duration and needed to be renewed. Until recently, banks were quick to renew these loans and would allow the owner to continue making payments. However, due to the rapid decline in property values and with many owners struggling financially, many lenders are not renewing these mortgages and are requesting full payment on the loan. This is an especially difficult situation for the owner, as no other lender will give them a new loan for the very same reasons.
Another area of concern for commercial property owners is losing tenants who can no longer afford their rent because of the bad economy. These owners are forced into a situation where they must either pay their lender less, or not at all. Many of these owners have invested large sums of money into their properties and have equity built up in them, so they have a strong desire to exhaust all options before walking away from the property.
In a commercial foreclosure, there are a number of claims that you may have against your lender. These can deal with the way your loan was originally obtained, the conduct of your loan officer, or regulations that govern these types of loans. Every situation is different and our team will fully investigate yours to assert any claims that are applicable to your case. There are a number of options that may be available to you:
- Loan Modification
- Negotiated Settlement
- Short Sale
- Short Refinance
- Deed in Lieu
Please contact us for a Free Consultation if your commercial property is entering foreclosure, as often times the more proactive you are, the better the resolution will be for you!