Cuevas, Garcia & Torres, P.A.
contact Our Firm Today
Toll free – 877-801-4135

Miami – 305-461-9500

Orlando – 407-992-2251

Foreclosure sale set for April for apartment complex of 101 units

Many Florida residents own properties that include condominiums, vacation homes or apartment complexes. It's not uncommon to run into financial trouble now and then when personal finance situations or general economic issues affect a particular ownership. It's always a good idea to have several options available to help overcome such problems when they arise; doing so often helps people avoid foreclosure.

A pastor of a mega church in another state is currently involved in a foreclosure proceeding. His church happens to own a large, low-income housing complex. The church recently defaulted on a $2.4 million leasehold deed of trust. The initial loan to purchase the property was secured in 1997.

The housing complex consists of 101 units in 25 separate buildings. Soon after the original loan was obtained, renovations on the housing units began. Much work was reportedly needed at the time because the apartments had been vacant for at least 15 years. 

The pastor had signed the deed of trust and was given a 10-year payment plan in lieu of taxes, which was later extended to 25 years. The foreclosure sale is set for early April. Even the most serious financial crises can often be resolved if a person knows what types of resources are available. By speaking with an experienced debt relief attorney, Florida residents currently facing similar problems may be able to get things back on track without losing their homes or investment properties. Debt relief solutions are not one-size-fits-all, so it helps to ask someone well-versed in state foreclosure laws to review a particular case to determine the best course of action.

Source: memphisdailynews.com, "Salem Manor Apartments Facing Foreclosure", March 13, 2018

No Comments

Leave a comment
Comment Information
The Florida Bar | 1950 American Bar Association DADE County Bar Association | 1916 Orange County Bar Association Coral Gables Bar Association American Immigration Lawyer Association

Contact Us Today. Call 877-801-4135 or complete this form to schedule a consultation with our legal experts.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Offices Conveniently Located in Miami And Orlando
Facebook

Miami Dadeland Office
7300 North Kendall Drive
Suite 680
Miami, FL 33156

Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 786-362-7127
Map & Directions

Midtown Miami Office
3401 North Miami Avenue
Suite 209
Miami, FL 33127

Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 786-362-7127
Map & Directions

Orlando Office
801 North Magnolia Avenue
Suite 221
Orlando, FL 32803

Toll Free: 877-801-4135
Fax: 786-362-7127
Map & Directions

Email This Office