When many people envision a foreclosure, they picture a struggling homeowner who cannot afford to make mortgage payments. However, foreclosures can also have a significant impact on businesses and the people they employ. In Miami-Dade, and all throughout Florida, business owners who can no longer afford to make payments on a loan they took out to purchase commercial property may lose everything they have worked for, which underlines the importance of handling foreclosure matters appropriately.
An investment firm took out an $85 million loan during 2007 to purchase 900,000 square feet of office space in Texas. While the firm later sold 10 buildings on the property, they retained two, both of which are used as office space. However, the investment firm recently defaulted on the loan and the two buildings are facing foreclosure.
According to property records, the two buildings comprise office space totaling 215,000 square feet and encompass 18 acres. In early January, the office buildings will be listed at public auction. One building is being used by a financial services company, while the other is occupied by a center for sales and customer service.
Unfortunately, foreclosures can be complicated for people on all sides. Lenders may have to make difficult decisions when borrowers default on their loans, while business owners and homeowners may have their lives upended when properties are foreclosed. For some, understanding legal issues related to foreclosure can be challenging. That said, many have turned to a knowledgeable legal professional to discuss the details of what they are going through and gain a better grasp of their options.
Source: San Antonio Express-News, “Office buildings face foreclosure after $89.5 million loan default,” Richard Webner, Dec. 5, 2016