The commercial property foreclosure process works very much like the residential foreclosure process, except the process can move more quickly, which requires that you move quickly as well. When you miss real estate or commercial mortgage payments, the lender will contact you about your late payment(s). If the lender concludes that the commercial loan is in jeopardy of failing, the lender will promptly involve their lawyers and set the legal process in motion. When faced with foreclosure, the most important thing to do is take immediate action. You should promptly contact your lender and talk with them about your situation, as ignoring your lender will only create more concern for the lender.

Typically, the lender does not want to foreclose on your real estate property, as liquidating these types of properties is far more complex than selling a residential property. The commercial lender is often open to restructuring the loan via a workout plan. 

It is important to contact your lender as soon as you see that you may begin missing payments and engage a SunCoast Law commercial foreclosure attorney to begin the negotiations for loan modification and manage any legal proceedings that may arise.