Commercial Foreclosure (by Joe [AL]) Jul 10, 2009 4:37 PM|
Commercial Foreclosure (by MrRational [MD]) Jul 10, 2009 4:50 PM
Commercial Foreclosure (by JC [OH]) Jul 10, 2009 8:57 PM
Commercial Foreclosure (by Kevin [FL]) Jul 12, 2009 8:06 AM
Commercial Foreclosure (by Joe [AL]) Posted on: Jul 10, 2009 4:37 PM
State Specific Question About: ALABAMA (AL)
I have the following dilemma. Iím facing a multifamily commercial foreclosure next week. The reason for the force sale is a shortage of escrow. My attorney is in communication with the lawyer that represents BOA but he finally replied it would be Monday @ noon before they would let him know if they would accept our offer of getting the account back to par.
I feel like Iím running out of time and being treated unfairly. One lawyer says to file Chapter 11 but the fees are enormous and I feel the cash flow would not justify the expense. Can anyone give me a suggestion as to delay this foreclosure? I read I could possibly file a stay to delay the foreclosure for 90 days but do not know if this is possible here in Alabama. I feel BOA is not being reasonable.
Any advice would be much appreciated. Thank you...
Commercial Foreclosure (by MrRational [MD]) Posted on: Jul 10, 2009 4:50 PM
Of the various toxic loans that BOA is sitting on the MOST marketable would be the multi'ss.
Whatever motivation they have to "work with" a regular homeowner in default... just ain't there. If they get your property they might actually make a profit when they re-sell.
Commercial Foreclosure (by JC [OH]) Posted on: Jul 10, 2009 8:57 PM
If the property isn't worth saving "I feel the cash flow doesn't justify the expense" then why delay? The only way you can stop a foreclosure is bankruptcy or convince the bank to work with you (good luck on that).
How did you get behind on escrow? --24.106.xx.xxx
Commercial Foreclosure (by Kevin [FL]) Posted on: Jul 12, 2009 8:06 AM
In Florida, just saying Im filing BK stops everything. --96.243.xxx.xx