Most Florida business owners know how tough it can be to stay afloat in a fluctuating economy and highly competitive business world. It’s not uncommon for private citizens or business owners to encounter unexpected financial problems. The owner of an inn in another state has firsthand experience with such issues, and he is currently trying to avoid foreclosure of his establishment.
The man reportedly purchased the inn with a principal loan of $600,000. However, the private lender involved has filed a petition in court, requesting foreclosure and sale of the property in order to pay back the mortgage, which apparently has not been satisfied. At this time, the inn owner is said to owe nearly $1 million in unpaid mortgage, interest and late fees.
The inn owner said he’s been trying to sell the property. He had been making partial payments on the mortgage; however, records show those payments stopped in 2017. Electrical power to the inn is slated to be turned off unless an unpaid balance of $1,000 is met. The inn has been closed since November although the owner also mentioned that he’s considering trying to reopen it in May.
Time will tell whether the inn owner is able to halt the foreclosure process. There are often several options for doing so. Florida business owners currently facing similar financial crises may want to explore available debt relief options by consulting with experienced real estate law attorneys. An experienced attorney can assess a particular situation and make recommendations regarding how best to proceed to restore financial stability and avoid long-term negative consequences of temporary financial problems.
Source: observertoday.com, “Foreclosure pending in court against establishment owner“, Jimmy McCarthy, Feb. 19, 2018