THE LOOMING COMMERCIAL FORECLOSURE CRISIS???

By
Real Estate Mortgage Broker with Seacoast Mortgage Corporation, RI, MA & CT

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, Vice-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."

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Rainmaker
44,390
Carol West
Real Estate Agent, Hillsboro, Beaverton, Portland
Carol West Real Estate, LLC

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." 

October 20, 2010 03:42 PM
Rainmaker
924,567
Michael J. Perry
Lancaster Relo Specialist
RE/MAX Associates of Lancaster, PA.

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

October 23, 2010 01:02 PM
Rainmaker
1,002,163
Ginny Lacey Gorman
Homes for Sale in North Kingstown RI and beyond
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate

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.

November 04, 2010 07:07 AM
Anonymous
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Rainmaker
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Ann Sabbagh

President, Sr. Loan Officer
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