THE LOOMING COMMERCIAL FORECLOSURE CRISIS???

By
Mortgage and Lending with Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT MLO 10920

We have seen the number of foreclosures rise to over 800,000 this year; mostly residential homes.  The number next year will be including a great deal more of commercial properties.

 

How will this affect our cities & towns?  What should we be on the look out for?

What should the plan be for the commercial landlord whose mortgage is more than the value?  The loans are BALLOONING.  Values have fallen significantly.  Foreclosure?  Short sale?

Should aggressive agents market to the commercial owner?  Is a short sale better than foreclosure on the credit report?   I say "yes".

What are your thoughts?

 

 

 

Posted by

Ann Sabbagh, President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

 

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Rhode Island Providence County Pawtucket
Groups:
Addicted to Active Rain
Blogging & SEO
EXPRESS WITH WORDS AT ACTIVERAIN
FOR SALE BY OWNER - MARKETING(FSBO)
Mortgages
Tags:
fha financing
203k
annsabbagh
usda
commercial financing
ri loans
ma loans
ct loans
fl loans

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the envelope to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the man to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
44,490
Carol West
Carol West Real Estate, LLC - Hillsboro, OR
Real Estate Agent, Hillsboro, Beaverton, Portland

It's true there are many commercial agents that have left their offices for other jobs. Maybe we should work with investor groups for both residential and commercial "packages." 

Oct 20, 2010 03:42 PM #1
Rainmaker
1,003,424
Michael J. Perry
RE/MAX Associates of Lancaster, PA. - Lancaster, PA
Lancaster Relo Specialist

Alot of your Commerical Banks really don't want to take some of these properties back !!!!

Oct 23, 2010 01:02 PM #2
Rainmaker
1,085,058
Ginny Gorman
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Ann, i am late checking back on this one but i know a few commercial property holders who locally are finding the banks reasonable in just modifying the loans and long as the owner can hold out (if vacancy factors don't increase)...great question.

Nov 04, 2010 07:07 AM #3
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the graph to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
114,494

Ann Sabbagh

President, Sr. Loan Officer
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the scissors to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information