Tag Archives: foreclosing on a commercial property
Like homeowners, business owners can fall behind on their mortgage payments. If this happens, your lender will typically start the foreclosure process to sell the property and receive some type of repayment on the loan. The main difference between a residential foreclosure and a commercial foreclosure is the possible appointing of a receiver. If you are in financial trouble and can no longer afford the payments on your commercial property, it’s best that you reach out to your lender and discuss potential options. It’s also important that you work with a Mississippi real estate lawyer so that your end of the process is handled legally and professionally.
Judicial or Nonjudicial ForeclosuresA commercial foreclosure can be handled in one of two ways, depending on the state you live in and the language in your mortgage agreement.
- Judicial- In a judicial foreclosure, the lender files a lawsuit against the borrower (you) and asks