foreclosure on business property

Discussion in 'Credit Talk' started by blublublub, Jan 5, 2009.

  1. blublublub

    blublublub Member

    My banker tells me my business mortgage has been sent to the lawyers, but I haven't received anything from them yet. In the mean time, I don't have any money to make payments. I've had the property on the market for a few months, but have only made one payment since July (I think it was in October.) As potential buyers are sniffing around, is there anything I can do to forestall foreclosure while I try to sell? Assuming I were to have a big cash month (monthly revenue has fluctuated by a factor of 10-15 even in the best of years), and were able to catch up on the payment, might they foreclose anyway, based on other charges about which I have yet to be informed?
  2. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    The length of the foreclosure process varies from state to state and depends on the state's foreclosure statute. Take a look at the following link to gain a better understanding of your state's foreclosure process.

    State Links for Foreclosures

    You may want to try simply contacting whoever is dealing with your file at the moment to explain your situation. If you show a willingness to pay what you owe and a desire to catch up on your payments, many loss mitigation departments are willing to work with borrowers these days. There are several alternatives to foreclosure that you can pursue, and they will also delay the process. If you are able to catch up on your payments or negotiate a loan modification or short sale, you may still be able to avoid the foreclosure altogether.

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