Commercial Foreclosure

A dedicated Tucson commercial foreclosure attorney can help

Although in many ways a commercial mortgage is similar to a mortgage on a home, the loan on a business premises is actually a lot riskier than a home mortgage.  Commercial real estate values have fallen precipitously in Arizona, as they have around the country, leaving many developers and businesses with loans that are far more than current valuation of their properties.  The loss of jobs in the recession has left many properties vacant, and overall business is down.  This has recently produced a flood of commercial foreclosures. 

In the foreclosure of a business property, the lender sometimes seeks to have a receiver appointed so that the business owner cannot collect rents while not making mortgage payments.  This can quickly put some types of business owners out of business.  On the other hand, the fire-sale price of a foreclosed commercial property at auction can represent excellent value for a savvy buyer.  A skilled commercial foreclosure attorney in the Law Office of Neff & Griffith, P.C. in Tucson can help both those facing foreclosure and those seeking to capitalize on business opportunities presented by this climate.

How to avoid commercial foreclosure

Business owners experiencing financial troubles must be proactive in dealing with their lenders.  It is prudent to seek the advice of an experienced Tucson commercial foreclosure lawyer, who can assist in taking positive steps that may include:

• Negotiating with the lender to modify the loan terms
• Reorganizing, consolidating, or eliminating debts to increase cash flow so you can bring your mortgage payments current
• Selling the property and leasing it back from the new owner
• Agreeing to a deed in lieu of foreclosure so the owner gets property back in exchange for stopping foreclosure

Even businesses keeping up with payments may be at risk

Because of increased oversight pressure, banks and other lending institutions are moving to foreclose on borrowers who owe more than their properties are worth, effectively putting the borrowers out of business—even if the borrowers are credit-worthy and able to make their payments. There are federal regulations that have been devised to prevent this from happening, but they are complex and often overlooked.  Tucson foreclosure lawyer Jeffrey Neff can help business owners seeking this relief.

Buying commercial foreclosures

Commercial foreclosures offer opportunities for buyers looking to renovate and expand a commercial property at a foreclosure price, creating an attractive asset to sell at a markup. Leasing the building(s) is a good way to generate steady income to pay off the mortgage.  It is possible to make money in this market, but there is a significant element of risk.  Investors are wise to consult a knowledgeable Tucson real estate lawyer.  The Law Office of Neff & Griffith, P.C. brings 25 years of experience in these transactions.

Contact a Tucson commercial foreclosure lawyer

If you are facing a potential foreclosure on your business or are looking to purchase foreclosed commercial property, our experienced Tucson foreclosure law firm can provide you with personal, effective, and efficient legal representation.  Contact a Tucson commercial foreclosure attorney at the Law Firm of Jeffrey M. Neff, P.C, today by e-mail, or call us at (520) 722-8030 for an initial consultation.

Serving clients throughout Southern Arizona

The Law Office of Neff & Griffith, P.C.