Commercial Foreclosures

As one of the world’s biggest real estate sales organizations, Century 21 works with buyers and sellers both worldwide with foreclosure properties.

When it comes to matters of commercial foreclosures, As much as it pains one to say it, lawyers have their place in economic recovery. A foreclosure attorney promotes the interaction between the lender and helps potentially avoid commercial foreclosures through default.

The process starts when a loan file is up for nonpayment and counsel is sought to help with insight on assistance. After an initial investigative process detailing the history of the lenders relationship with the commercial property owner, a history is recorded and lien search performed. The commercial mortgage paperwork in which the lender has the right to process a foreclosure upon the debtor, as well as correspondence including any collateral pledged by the foreclosure commercial property’s owner.

The attorney uses this relationship review to process all default applications and notices to excuse the debtor from any, and sometimes all, of his financial obligations in the commercial foreclosure. This will help the court decide in how to determine an award for the lender in pursuit of the commercial property being foreclosed upon. Results can range from a stop to the lender in his pursuit of foreclosure on the commercial property, or an extension of time to cure defaults. In some cases a renegotiation of the whole arrangement is had, called a “workout.”
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