Building erected in 1903 headed for foreclosure

| Dec 13, 2018 | Foreclosure |

Florida is home to a lot of old buildings. Many of these properties have changed ownership throughout the years. As with private homes, commercial businesses or other real estate, ownership sometimes transfers to the lenders, if those who currently own said properties are not able to make good on their loans, thus prompting foreclosure.  

A property owner on the West Coast is going through a tough financial time right now. In fact, it is not the first time foreclosure has been filed against this property. The building in question comprises over 11,000 square feet and contains a bar that is popular among residents and tourists alike. In 2013, a forbearance agreement halted the action the bank had taken to foreclose.  

In 2017, the same bank started a proceeding against the same property owner regarding the very same building. This time, a judge ruled in favor of the bank. There are various regulations and protocol to which lenders must adhere when seeking to foreclose on a home, business or parcel of land; for instance, sending written notice of default to a property owner.

Foreclosure is sometimes avoidable for Florida property owners. Many are able to retain ownership after filing for bankruptcy. Both Chapter 7 and Chapter 11 bankruptcies place an automatic stay against litigation pending the further order of the bankruptcy court. These bankruptcy options include eligibility requirements that must first be fulfilled before submitting an application. For answers to questions regarding such processes, property owners can request meetings with attorneys whose practices are focused on real estate law.  

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