If you find yourself in a financial hole and unable to pay your commercial mortgage, you might be facing foreclosure on the property you need to conduct business. This is a difficult situation, especially because, while the foreclosure process for commercial property is similar to that for residential properties, commercial borrowers have fewer government regulatory protections under the law and fewer options when it comes to working with the lender for loan modifications or repayment plans.
Florida laws on commercial foreclosures are complicated, and making mistakes can mean you will wind up losing your property, so you should not attempt to fight foreclosure on your own. Fortunately, you can get help from an experienced commercial foreclosure defense lawyer who knows the options that are available and how to utilize them to stop foreclosure on your property.
Commercial foreclosure defense attorney Carlos M. Amor knows the real estate law, the system and the range of solutions available to people facing commercial property foreclosure. He provides a free consultation to examine your individual situation, by phone, via video meeting or in person, and determine the best way to help.
The sooner we start working on your situation, the better the chances of resolving your issues, so call Carlos today.
Why Choose Our Commercial Foreclosure Defense Attorney?
Having an attorney with a real estate law firm will provide the in-depth experience and skills needed to help prevent or stall foreclosure in Florida. Here are some reasons why we believe Carlos M. Armor is your best choice:
- We are experienced. Carlos M. Amor is a skilled attorney and real estate broker, working in Florida for over 15 years. He focuses on real estate litigation, real estate investments, tax deed and foreclosure auction purchases, traditional real estate transactions, short sales, foreclosure defense, and civil litigation.
- We understand and interpret the law. There are numerous laws that govern foreclosures, contracts, mortgages, and the rights of borrowers, and these change frequently. Carlos M. Armor will provide you with information about the law, any updates and revisions, and the options you have available.
- We take a personal interest in each client. Carlos thinks “outside the box” and takes a practical approach to finding solutions that benefit his clients, based on their individual needs. You can read their testimonials to prove it.
- We are recognized for our work, and have won awards such as the 2022 Martindale-Hubbell rating which is peer-rated for highest level of professional excellence.
- We are accessible and available 24/7 to deal with your emergencies. Carlos will listen to your concerns, answer your questions, return your phone calls, reply to your e-mail, and keep you informed of all developments in your case.
- We offer free, no-obligation consultations to get you on the right path to stopping foreclosure.
How Our Commercial Foreclosure Defense Attorney Works for You
Defenses for Foreclosure are Complicated
The defense options for foreclosure aren’t simple and require prompt action and the knowledge to prove your case. When you have Carlos M. Armor on your side, we start working for you immediately. We will:
- Meet with you to discuss your individual foreclosure situation, examine your paperwork and your finances, answer questions about the facts and laws relating to your case, and discuss available options to defend against foreclosure
- Examine any summons you received and look for procedural mistakes made by the lender or incorrect, missing, or falsified documentation, including lender fraud and negligence
- File paperwork and affidavits to question the facts of the case and prevent a summary judgment against you
- Contact and negotiate with the lender to secure an agreement that is fair and reasonable
- Work with you in mediation proceedings to ensure your rights are upheld and that any agreement reached is fair.
Commercial Foreclosure Defense Lawyer Explains Options for Preventing Foreclosure
When lenders decide to initiate a foreclosure, they will typically send you a letter stating that you have defaulted on your loan and letting you know the past-due amount, the fees, and how much you will need to pay to reinstate the loan. The lender must allow you time, usually 30 days, to pay these amounts and rehabilitate the loan in order to avoid foreclosure.
With so little time, you should consult with a foreclosure defense attorney immediately to find the best method of stopping the foreclosure.
Options you may have include:
Forbearance: If your attorney requests “forbearance” and a forbearance agreement can be negotiated, the lender agrees not to move forward with the foreclosure proceedings as long as you take action to cure the default. The lender may agree to modify terms of the loan, extend the time of your mortgage, forgive the missed payments and add them to the end of your mortgage; or you might simply be given a deadline to make the outstanding mortgage payments. In forbearance agreements, the lender has the option to resume foreclosure proceedings if the agreed-upon measures don’t occur within a specified period of time.
Negotiations with the lender to refinance or modify the loan: Lenders would rather get some money than have to go through the foreclosure process and deal with having to manage and sell property, so they may consider the possibility of negotiating refinancing the mortgage at a more favorable rate that you can pay. They might increase the number of years you have to repay the mortgage, lower the interest rate, and waive late fees to reduce the monthly payment. This option may be particularly useful in situations where your mortgage has a variable interest rate that increased, or where the loan has matured and you are facing a balloon payment. An experienced lawyer can help negotiate payments you can meet and guide you through the difficult documentation process required by lenders, which can include a business plan, recent tax statements, and a letter of hardship.
Personally guarantee the loan: This involves guaranteeing the loan by using personal property, such as your home, stocks, or savings accounts as security that you will pay the mortgage. This is useful in situations where your business is having temporary financial problems, but you expect enough money to be coming in to meet your loan obligations. However, there is risk involved, as you may wind up losing the property used as security if something goes wrong and you cannot make your payments.
Short sale: In a short sale, you sell your commercial property for less than the total amount of your mortgage, and the lender agrees to accept the sale as full payment of the debt. Short sales may have fewer financial consequences than a foreclosure, but it will still negatively impact your credit. In some cases, the lender may still be able to sue to recover the difference, so make sure your attorney can negotiate a favorable deal.
Deed in lieu of foreclosure: A deed in lieu of foreclosure typically releases the borrower from liability in turn for transferring the property title to the lender in exchange for full or partial payment of the outstanding debt. While this makes the transfer of tenant files, leases, and other obligations easier than foreclosure, it is still possible that the lender may sue for deficiency.
Commercial Foreclosure Defenses for Preventing Foreclosure in Florida
In situations where the foreclosure process has already begun, there may still be foreclosure defenses that can save your property. Before your property can be foreclosed upon, the mortgage holder has to win in court. Your attorney can mount a “foreclosure defense” to question whether the lender is doing everything properly according to the law and also use the courts to find alternatives to a foreclosure judgment.
The following are some foreclosure defense options:
- Incorrect, missing, or falsified documentation. To foreclose on your commercial property, the lender must submit documents to the court that show right to pursue the foreclosure, and there may be errors, or missing or falsified documentation. Original paperwork can be lost if mortgages have been resold, and paperwork can be changed or falsified. If this is the case, the foreclosure may be dismissed.
- Bank errors or fraudulent acts. In situations where the lender failed to properly credit your mortgage payments, inaccurately stated the amounts you owe, assessed illegal fees and fines, misrepresented aspects of the loan, or made false statements or acted illegally in some manner, you may be able to prevent the foreclosure from proceeding.
Commercial Foreclosure Defense Attorney in Florida Answers Frequently Asked Questions
When faced with commercial property foreclosure, you are bound to have questions and concerns. These can be best addressed at your initial consultation, but to get started, here are some answers to questions our clients often ask:
How Long Does Foreclosure Take in Florida?
The time for a foreclosure to be completed in Florida depends on the court schedule and load, but the process typically takes from 180 to 200 days. If may take up to two years longer if the foreclosure is contested, or if the borrower files for bankruptcy
Is Florida a Judicial Foreclosure State?
Yes, Florida is a judicial foreclosure state, which means that lenders must file a lawsuit and get a court judgment for the commercial property foreclosure to take place.
When Do I Need a Commercial Foreclosure Defense Attorney?
You should hire a commercial foreclosure defense attorney as soon as you receive a notice of default that shows the lender intends to start foreclosure proceedings. The lender has an attorney working for them, so having a commercial foreclosure defense attorney on your side should help level the playing field.
What Does It Cost for a Foreclosure Defense Attorney?
The good news is that it doesn’t cost anything for Carlos M. Amor to evaluate your situation. Fees vary, depending on the complexity of your case and the time and work that your situation requires. We understand that you are having financial difficulty and will do what we can to make fees affordable, including setting up monthly payments, and our goal is to save you money in the long run.
When you have our foreclosure defense attorney working for you, we will be available to answer your questions and concerns throughout the entire legal process.
Get Help Stopping a Commercial Foreclosure
When faced with foreclosure on your commercial property, you are likely stressed and overwhelmed. Attorney Carlos M. Amor knows your options and is here to help. He is ready to examine your individual situation and utilize the law to help prove that the lender did not follow the proper procedures or find other ways that can stop foreclosure.
Hiring an experienced attorney is one of the best ways to stop — or at least stall — a foreclosure to provide you time to come up with other legal options, so call for a free consultation today 954-453-7200.
