Worried about foreclosure? Build up your defense

On Behalf of Law Office of Lee H. Schillinger, P.A. | Feb 2, 2021 | Foreclosure Defense |

Many people find that their commercial mortgages cost far too much for them to keep paying it due to seeing fewer customers or a decline in the economy. Their mortgages may be costing them more than their properties are worth, too, placing them underwater.

In those cases, it can be tough to decide what to do. If a business owner is struggling to pay for their commercial property, they may need to look into other options to prevent a complete foreclosure that would shut down their business. There are options available, such as working with your attorney to prepare a foreclosure defense.

Foreclosure defense focuses on stopping foreclosures in their tracks. If you have missed a payment, already received a notice and are within the redemption period, then you may have limited time to cure the default. Once that time period passes, you’ll lose the property, which will be sold to satisfy any lien holder’s interests. Interestingly, if there is any balance remaining after the debt for the property is paid, the borrower will get it back.

Business owners have the opportunity to file for Chapter 11 bankruptcy, which offers protection against foreclosure. When you begin a Chapter 11 bankruptcy, foreclosure proceedings are temporarily halted while you reorganize your business. The goal, for most people, is to reorganize those debts in a way that allows them to catch up on payments and continue operating their businesses.

If you have been notified that you are behind on your business property’s mortgage and want to avoid foreclosure, you can try to:

Avoiding foreclosure on your business property might be tough if your business has been closed temporarily or you don’t have much income coming in, but there are options available that may help you keep the property until you see an increase in business once again.

Focus on stopping foreclosures before they impact your business

What should you do if you’re informed that your mortgage is behind?

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Worried about foreclosure? Build up your defense
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Worried about foreclosure? Build up your defense

Worried about foreclosure? Build up your defense