Posted By: The Ticktin Law Group
Foreclosure is the process by which a bank initiates a legal process to take possession of real estate property that has been voluntarily mortgaged. Typically, foreclosure is triggered when the property owner, or mortgagee, misses one or more mortgage payments. Commercial properties, owned by businesses, are not sheltered from the possibility of foreclosure. Commercial foreclosure is very similar to residential foreclosure. The major difference between commercial and residential foreclosure is that the foreclosed property is owned by a business entity and therefore is not the primary residence of the mortgagee. To the contrary, the mortgaged property is usually the primary place of business for the mortgagee, which is the livelihood of the business. In many cases, especially in today’s day and age, the business owner can still be held personally liable for the default and subsequent foreclosure of their business real estate due to the mortgagee personally guaranteeing the mortgage. Business owners facing a commercial foreclosure should retain a tough and experienced foreclosure attorney to ensure that they are able to keep their property and to avoid a lawsuit against their personal assets.
Foreclosure can even affect businesses, which on their face, seem to be doing really well. For instance, there have been many businesses that have faced the possibility foreclosure in the news. For instance, a popular Polynesian Restaurant in Fort Lauderdale has been recently targeted for foreclosure (Mai-Kai Restaurant) pursuant to a foreclosure lawsuit filed in March against the company and its loan guarantors. If you and/or your business is facing financial hardship and might be going into foreclosure, contact the attorneys of the Ticktin Law Group as soon as possible!
Contact the attorneys of The Ticktin Law Group to assist you with foreclosure defense action and/or any other legal matter you, a friend or a loved one may have. The attorneys of The Ticktin Law Group offer complimentary legal consultations.