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Guest
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 Posted: Sat May 03, 2008 1:56 pm Post subject: Commercial Mortgage REFI |
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I have a commercial property that I fell behind on payments. Currently we are 5 months behind. We had some major repairs that we needed to make and a few tenants stopped paying us rent as well. In 3 months I will have the money to get caught back up. Currently about 40k. However, in the meantime is it possible to refinance this debt and pay off the current lender or someone how stall the foreclosure process.
This lender has been terrible and would not even work out any payments. I even supplied them with invoices of all the work we had to do to the buildings. They didnt care.
This is a commercial building. 7 units of office space. It is now fully leased.
Or does anyone have an idea on what the process is when they foreclose on a commercial property like this. They have kept saying they were going to do an assignment of rents, however they have not done that as of yet. |
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 larry
Joined: 27 Jun 2007
Posts: 3328
474.61 Dollars($)
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| Posted: Sun May 04, 2008 10:57 pm Post subject: |
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Hi Guest,
Welcome to the forum.
Since you are currently 5 months late I world suggest you to talk with the lender ASAP. Otherwise he can foreclose.
You can shop a bit for lenders to see if anyone approves you for good rates and terms but I think you should improve your credit first and make payments regularly so that you can refinance with better rates and terms.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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jenkin7
Joined: 04 Jun 2007
Posts: 4322
Location: Hawaii
683.76 Dollars($)
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| Posted: Sun May 04, 2008 11:08 pm Post subject: |
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Helllo,
Larry has rightly suggested you to consult with the lender but if he is not ready to work out any payment plans to catch up then you can try to refinance although you may not be approved for the best rates and terms as you are 5 months late and it has a bad effect on your credit.
You can get No-obligation free consultation from the mortgage professionals to know can you refinance the commercial mortgage after making 5 months of late payments. |
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AlaskaDES
Joined: 04 May 2008
Posts: 28
12.75 Dollars($)
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| Posted: Mon May 05, 2008 12:48 am Post subject: Once you are caught up... |
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I feel that I can help you pay off that commercial property so you do not have to worry about foreclosure or tenants not paying their lease.
Good Luck with whatever options you choose, but once you get back on track, I will be available to give you a lift to the finish line of ownership and freedom.
_________________
DJ Jennings
Alaska Debt Elimination Services |
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