Orlando Complex Commercial Foreclosure Lawyers
Legal Counsel, P.A. employs complex commercial foreclosure lawyers in Orlando, Florida who may be able to assist you if you are facing foreclosure of your commercial property. The repayment terms on commercial loans can vary much more than other types of loans. Commercial loans can be used to finance a person or company’s investment in an office building, shopping center, apartment building, hotel, restaurant or other types of commercial properties. These types of loans can have different terms and repayment plans. Some of these loans can be high risk. For example, borrowers may only be required to pay interest payments for the term of the loan and later when the loan matures the borrower will be required to make a balloon payment in full. Some of these loans can also work like a standard mortgage with a fixed repayment plan or with a fixed or variable interest rate.
If you are facing a complex commercial foreclosure due to difficulty paying a loan, you may want to speak to the commercial foreclosure lawyers at Legal Counsel, P.A. in Orlando, Florida. If you are facing a foreclosure, there may be legal strategies to stop the foreclosure process from proceeding. Legal Counsel, P.A. employs commercial foreclosure lawyers, who may be able to help you negotiate with the bank or lender for a loan modification, and assistance in refinancing. If these strategies fail, there may be other options to defend against foreclosure. Some banks fail to keep proper records of loans. The bank must be able to prove that it owns the loan and provide proof of what is owed on the loan. Surprisingly, some banks have failed to keep accurate paperwork. Another issue that can arise with foreclosure is a bank’s failure to follow the proper legal procedures. If this occurs, borrowers may have defenses to fight their foreclosure. Other situations where a borrower may be able to fight a foreclosure is where a bank has made major errors in servicing a loan, such as, imposing illegal fees or failing to properly credit your payments.
If you are a lender who has loaned money to a company or investor and the loan is not being paid, you may be facing a complex commercial foreclosure process. If you are not a large bank, you may not have a team of lawyers on your side to defend your interests. Legal Counsel, P.A. employs complex commercial foreclosure lawyers in Orlando who may be able to help fight for your rights, and help you mitigate your losses.
If you are facing a complex commercial foreclosure, the future of your business may be at stake. You may have options available to help save your business from s commercial foreclosure. Contact Legal Counsel, P.A., a firm that employs commercial foreclosure lawyers in Orlando, Florida today. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
Are There Alternatives to Commercial Foreclosure Available in Orlando, Florida?
If you are facing foreclosure of your commercial property or if you are having difficulty making payments, you may have options available to prevent the foreclosure process from beginning. Legal Counsel, P.A. employs commercial foreclosure lawyers who can review your loan documents, take the time to understand your financial position and assist you with these alternatives. What are some alternatives?
- Forbearance: You may be able to request your lender to temporarily let you postpone payments. If you believe that your business could improve if your lender can give you a few months to reestablish its solvency, then forbearance may be an option. Storms and other events can result in business losses, or you may need time to make an insurance claim, forbearance may be able to give you time to recoup some of these types of losses.
- Loan Modification: If your loan contains a variable interest rate, payments can grow unexpectedly high leaving you underwater and insolvent. In some cases, lenders may be willing to negotiate a loan modification to prevent foreclosure. If you find yourself unable to make payments because a balloon payment is due or interest rates have increased your monthly payments, Legal Counsel, P.A. employs commercial foreclosure lawyers in Orlando, Florida who may be able to help you.
- Short Sale: If your lender agrees, you may be able to initiate a short sale of the property. In a short sale, the lender will take all the net proceeds of the sale and forgive the remaining part of the debt. If the property has decreased in value or your business has become insolvent, a short sale may be an option.
- Rent Collection: Your lender may be able to collect rent directly from your tenants if you fall behind on your loan payments. This provision may buy you some time while you modify the loan, initiate a short sale, or ask for a forbearance on payments.
These are just some of the options that may be available to you when it comes to preventing foreclosure on commercial real estate. If you are worried that foreclosure may be imminent, take action today. Speak to Legal Counsel, P.A. a law firm that employs complex commercial foreclosure lawyers in Orlando, Florida today. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
Common Commercial Foreclosure Defenses in Florida
What are some ways you might be able to prevent a foreclosure? If you are facing a foreclosure for your commercial real estate, the best thing you can do is to be proactive. Legal Counsel, P.A. employs commercial foreclosure lawyers who can help you work with your loan servicer to find solutions that may not involve foreclosures.
What are some other options?
- Review Procedural Rules: In order for the bank to foreclose on your loan, the bank must follow legal procedure. This means that the bank must provide you with proper notice that the foreclosure may take place and the must give you time to respond. If the bank fails to follow proper procedure or violates these rules, you may have rights.
- Proper Paper Trail: In some cases, banks, or lenders may not have proper documentation to support that they own your loan. If a bank doesn’t have proper documentation of payments you have made, or if the lender cannot validate your loan, you may also have the right to fight the foreclosure. The bank or the lender must be able to show that they have the promissory note when initiating a foreclosure.
- Errors: Banks and loan servicers can sometimes make critical errors when servicing a loan. If a bank failed to properly apply payments that you made to your account, or if the bank or lender is charging you unreasonable late fees, you may have the right to fight back.
- False Representations: If a lender acted unfairly, lied, committed fraud, or has made false statements of fact intentionally or unintentionally, borrowers may be able to prevent a foreclosure from taking place. For example, if your lender is charging you exorbitant late fees, but nothing in your contract permits this, you may have the right to fight back.
These are just some of the defenses that business owners and investors may be able to use if they are facing commercial foreclosure. If you are facing a complex commercial foreclosure, it is important to take actions to protect your rights. Legal Counsel, P.A. employs commercial foreclosure lawyers in Orlando, Florida who can help you. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
Protect Your Business, Seek Help for Foreclosure
If you are facing commercial foreclosure, you may be under immense pressure and stress. The foreclosure process may involve courts, paperwork, and legal procedure. It can be helpful to have a lawyer on your side helping you defend your rights against foreclosure. Foreclosure doesn’t have to be an inevitability. Contact Legal Counsel, P.A. a law firm that employs commercial foreclosure lawyers in Orlando, Florida today to learn more about your rights. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
