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Commercial Foreclosure Defense Lawyers in Orlando, Florida
If you cannot pay your commercial mortgage, then you might be facing foreclosure. The foreclosure process for commercial property is very similar to the process for residential properties, but borrowers of commercial properties may enjoy fewer options when it comes to working with the lender for loan modifications or repayment plans. Commercial borrowers may also enjoy fewer protections under the law. The commercial foreclosure process usually begins with a letter from the lender informing you that you have defaulted on the loan. In the letter, the lender will let you know the past due amount, the fees, and how much you will need to pay to reinstate the loan. In the letter, the lender must provide you time, usually 30 days, to pay these amounts and rehabilitate the loan. If you cannot pay to rehabilitate the loan, you could face foreclosure on your commercial property.
Commercial property loans may not have the same government regulatory protections as residential mortgages. If you are facing a commercial foreclosure in Orlando, Florida, you may still have several options (including foreclosure defense) available to you. For example, you may be able to ask the bank to refinance the mortgage, declare bankruptcy, or offer the bank a personal guarantee while you reinstate the debt. Legal Counsel, P.A. employs a commercial foreclosure defense lawyer in Orlando, Florida who can assist you. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407.982.4321.
Preventing Foreclosure of Commercial Real Estate in Orlando, Florida
There may be several options available to you to prevent foreclosure of your commercial real estate if you cannot pay your mortgage. If you find yourself underwater with your commercial real estate mortgage, contact your lender or bank as soon as possible. Waiting longer could reduce the number of options you may have. What options might you have?
- Refinance the Mortgage: In some cases, you might be able to negotiate with the lender to refinance the mortgage. Commercial real estate mortgages are different from residential mortgages. You might be struggling because your mortgage has a variable interest rate or because you are facing a balloon payment because the loan has matured. If you cannot afford this, consider speaking to your bank about the possibility of refinancing the debt.
- Bankruptcy: Through bankruptcy, you may be able to put a stay on any foreclosure proceedings. You may also be able to restructure your business debts in federal bankruptcy court so that you can continue to afford to pay the mortgage.
- Personal Guarantee: If your business has fallen on temporary hard times, but you anticipate that you will soon be liquid again, you may be able to prevent foreclosure by providing the lender with a personal guarantee. With a personal guarantee, you may use your personal property, like your home or savings accounts as security that you will pay the mortgage. This can be risky, so it is important to speak to a commercial foreclosure lawyer at Legal Counsel, P.A. in Orlando, Florida today.
These may just be a few of the options available to you if you are facing commercial foreclosure in Orlando, Florida. You may also be able to work with the bank for a loan modification, forbearance, or repayment plan. Legal Counsel, P.A. employs a commercial foreclosure lawyer in Orlando, Florida who can review your situation and help you take steps to protect your business and commercial property. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407.982.4321.
Commercial Foreclosure Defenses
If the foreclosure process has begun, there may be several foreclosure defenses available to you. Legal Counsel, P.A. employs a commercial foreclosure defense lawyer in Orlando, Florida who can review your case and help you determine which defenses are available to you. Here are some options you may have:
- Incorrect, missing, or falsified documentation. For a bank or lender to foreclose on your commercial property, it must submit all documents to the court. These documents must show that the lender has the right to pursue the foreclosure. The lender must have the mortgage, the promissory note, and may be required to submit an affidavit signed by a person familiar with your case that all information in the file is accurate. However, errors and issues can arise when it comes to bank documentation. For example, banks may sell or re-sell mortgages and promissory notes and the lender can sometimes lose the original papers. After the financial crisis of 2008, banks face more intense scrutiny because it came to light that they were “robo-signing” individuals working for the banks who signed mortgage notes and affidavits. If the paperwork the bank submits is falsified, the bank or lender may not be permitted to proceed with the foreclosure. Legal Counsel, P.A. employs a commercial foreclosure defense lawyer who can review the documentation the bank or lender submits to the court. Documentation that is not accurate and not authentic may get dismissed.
- Bank errors. If a bank failed to properly credit your mortgage payments, inaccurately stated the amounts you may owe, or assessed illegal fees and fines, you may be able to fight your foreclosure in court. The bank must show how much you owe on the mortgage and this amount must be accurate. If the amounts are not accurate, Legal Counsel, P.A. employs a commercial foreclosure lawyer in Orlando, Florida who may be able to fight your foreclosure.
- Fraudulent or unfair actions on the part of the lender. If the bank or lender misrepresented aspects of the loan, made false statements when collecting on the loan or when issuing the loan, or otherwise acted illegally, you may be able to prevent the foreclosure from proceeding. Legal Counsel, P.A. employs a commercial defense lawyer in Orlando, Florida who will review how your lender dealt with you and how the lender issued the loan and fight your foreclosure if there are issues.
- Bankruptcy. If you declare bankruptcy, you may be able to stop your foreclosure from proceeding. In some cases, you may be able to restructure your debts through bankruptcy to prevent the bank from foreclosing on your commercial real estate.
These are just some of the foreclosure defense options that may be available to you. Legal Counsel, P.A. employs a foreclosure defense lawyer in Orlando, Florida who may be able to assist you to protect your business and its property. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407.982.4321.