How to Avoid Foreclosure
How to Avoid Foreclosure
In today’s economy, many business owners who own commercial property are falling behind in their mortgage payments. However, that doesn’t mean foreclosure is inevitable! Savvy business owners take an offensive, not defensive approach to this situation.
If you find yourself in a negative cash flow position, you need to make some smart decisions in order to survive. The obvious first step is to assess your revenues and expenses. Perhaps there are new income streams or new markets you can approach. Creativity is the key to increased revenues.
On the expense side, you may determine that your mortgage payment is one line item you need to eliminate and/or reduce. If selling your commercial real estate is a consideration, you need to move quickly.
If you are having difficulty keeping up with your mortgage payments, you probably have one primary concern: “How do I avoid foreclosure?”
The answer is easy. List your property with a commercial real estate broker.
Your commercial real estate broker knows the market. He can work with you to determine the selling price. He’ll know how to market the property appropriately.
If you do have concerns about making your mortgage payments, contact your broker sooner, rather than later. This way, you’ll have more time to sell the property. That can help avoid a forced sale at a liquidation price.
When you list your property, call your lender and explain your course of action. Your lender wants to avoid foreclosure as much as you do. He will probably work with you to achieve positive results.
Today’s economy is difficult for many businesses. Foreclosure and bankruptcy are bad for both property owners and lenders. Fortunately, your commercial real estate broker can help provide solutions that protect both your business and your personal financial situation.
By Joe Regner, Associate
40 Years Banking Experience
Commercial Real Estate Broker in Central Florida
www.CBrenner.com
407-677-1700
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