Effective Solutions for Foreclosure on Business Properties
As the economies of the United States and the state of California continue to struggle, commercial real estate foreclosures have increased dramatically over the past several years. Office buildings, apartment complexes, industrial properties and other commercial developments may be foreclosed upon if their mortgages are in default.
At the Law Offices of Mark A. Brifman, our lawyers work with business owners and commercial property owners in foreclosure proceedings. For more than 30 years, we have served residential and business clients in real estate law and foreclosure and have consistently found successful resolutions for our clients. We understand the issues involved in commercial foreclosure and the complex aspects that you may have to deal with before your situation is fully resolved.
Commercial Foreclosures in the Los Angeles Area
There are many reasons why commercial real estate properties may end up facing foreclosure. Increased property taxes, rising interest rates, unexpected repairs, increased insurance rates and other financial obligations may make it difficult for business owners to make payments on the mortgage on a regular and timely basis. Just like a residential property, when a commercial property becomes unable to pay its obligations, it will go into loan default and will initiate the foreclosure process by the lender.
Also like a residential property, there are alternatives to foreclosure that may be able to help you avoid the foreclosure process. In addition to the option of Chapter 11 bankruptcy, the option of a short sale or deed in lieu of foreclosure may be available for your business property. In commercial cases, there are usually many actions that a business can take to regain control of its financial affairs and it may be easier for a lender to accept a lower payment than to take control of your property and lose money that way.
Contact us at the Law Offices of Mark A. Brifman to speak with an attorney who understands what is at stake and how to protect your rights in commercial foreclosure proceedings. Call us to schedule an appointment for a free initial consultation at 818.920.2113.
