Question:

What to do in case of a commercial mortgage foreclosure?

Answer:

If you are late with payments on your commercial building, you will be probably facing a commercial mortgage foreclosure soon. There are a lot of ways to go, so do not just take it as a curse.

Setting a commercial mortgage foreclosure will be costly and time-consuming and a commercial lender will not consider this option in the first place.

Firstly, you may like to negotiate a rescheduled payment plan with the lender; secondly, you may consider filing for bankruptcy; thirdly, you may try to sell your building.

In any case, contact a commercial real estate lawyer - they are dealing with this kind of problems and may negotiate a better deal for you. Also, try contacting another commercial lender or broker for a bridge or hard money loan. Commercial lenders and brokers have access to a network of funds and projects that your building may be eligible for participation.

If you decide to negotiate different terms with the lender, your best go is to be represented by a lawyer. Otherwise, it may be easier for a lender to foreclose if they decide this is the only way to be reimbursed.

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