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Posted Jan 25th, 2012
How long does the foreclosure process usually take on a commercial building....with a discharged
bankruptcy?

Additional Details:
in the beginning I asked the lender for a re-modification and was told couldn''t be done on a
business, so I filed bankruptcy...had to pull out because of financial problems. After being
discharged I tried to make a deal again trying to re-modify the loan agreement, even offering to pay
the amount on the note, which is twice what the building is valued at and was turned down. I have
been trying to find a buyer now and the lender is hinting they will start foreclosure. How long do
I have before it goes through and do I have any other options?
Legal Topic Area: Foreclosures in FL

Commercial foreclosures tend to move much quicker than residential foreclosures. This is because many commercial mortgages are held by smaller, private banks or individual lenders and they tend to hire aggressive attorneys that don't have heavy caseloads. How long you can buy will depend upon the steps that you take to help your situation. I would urge you to seek a competent foreclosure defense attorney that can help you with this situation. A good attorney might find defenses to the complaint, and they can also assist in negotiating with the lender. Also many attorneys will work out payment plans with you. Good luck!


Answered on Feb 2nd, 2012 at 1:10pm