Foreclosure is not an issue that is limited to the owner of commercial homeowners. Commercial property owners could also face the risk of foreclosure when they default on their loans. Thankfully, an experienced foreclosure attorney might be able to help.
If you are facing the possibility of foreclosure on your commercial property, now is the time to seek legal help. The sooner you speak to an attorney with Marc Brown P.A., the more options you might have for addressing this conflict. A Fort Lauderdale commercial foreclosure defense lawyer could help you maintain ownership of your commercial property.
How Can You Resolve a Foreclosure?
There are different options available for resolving a dispute without the need for foreclosure proceedings. With the help of a commercial foreclosure defense attorney in Fort Lauderdale, it could be possible to reach an agreement with the lender to remain on the premises without the need for litigation or eviction.
Some lenders will agree to refinance the terms of the commercial mortgage. Lenders rarely look forward to eviction, and refinancing so that the property owner can keep up with their payments might be in the bank’s best interest. Lenders might also agree to avoid the foreclosure process if the business owner signs a personal guarantee. With a personal guarantee, lenders could seek the personal assets of the business owner to satisfy the mortgage debt.
Given all the options for addressing a potential commercial foreclosure, it is important to never assume the loss of a property is guaranteed. With the right attorney, it might be possible to work out a favorable resolution before foreclosure proceedings ever begin.
Possible Defenses to Commercial Foreclosure
There are times when no amount of negotiating can bring the eviction process to an end. In these cases, developing a strong defense strategy at trial is imperative for any commercial property owner. Fortunately, a Fort Lauderdale attorney could help you build a viable defense during a commercial foreclosure proceeding.
There are specific pre-suit letter requirements that commercial lenders must comply with before proceeding with eviction. This includes sending a pre-suit letter to the property owner after they are 30 days behind on their payments that must include information about how to cure the default. A failure to send this letter could serve as a defense.
Lenders have an obligation to serve property owners with process after they file an eviction lawsuit. Often, this involves relying on a process server to personally hand notice of the lawsuit to the business owner. In some cases, they might attempt service through certified mail.
Service of process is mandatory, and eviction proceedings cannot move forward until the property owner is formally notified. If there is an issue with the service of process, it could serve as a valid defense.
There are times when eviction proceedings are filed due to an accounting error. If the bank has incorrectly applied a payment or otherwise made a mistake, it could serve as the basis for a defense at trial.
Contact a Fort Lauderdale Commercial Foreclosure Defense Attorney Right Away
You do not have to face the prospect of commercial foreclosure on your own. An accomplished and dedicated attorney might be able to help you to maintain ownership of your property.
Let a Fort Lauderdale commercial foreclosure defense lawyer help you navigate this process. Call Marc Brown P.A. for a private consultation today.