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