Barb2775@charter.net
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Posted: Sat Oct 31, 2009 2:22 am Post subject: Commercial Property
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My father is 90 years old now. When he purchased commercial property, he paid $275,000 for it. He bought the property for my business, and I pay him rent to cover the mortgage. But times are tight, and no longer need the expense of a 2240 sq. ft. office building. I have had to lay off my workers. We asked for payoff on the loan, and it is $158,000. The property will not sell for even $120,000. The office building has been on the market for over a year. We have tried to sell, lease/purchase, rentals--nothing works. The loan is at 7% interest. The FDIC told us to make a proposal to them, because our bank folded. The new bank bought the assets, but not the loans. So now FDIC is now the mortgage holder. We would like for the FDIC to consider the property paid in full. They can't do anything with it, and neither can we. Realistically, I don't think that they will do that, and we are working on our loan modification. My thought is that we pay interest only for the next 4 years, and continue to try to sell the property. Any suggestions?
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 savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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