If your business owns commercial real estate that is in default, you may be considering a nonjudicial foreclosure. This is a process where the commercial property is sold without going through the court system. It can be a fast and efficient way to deal with a default, but it’s important to understand what role the attorney will play in the process. More than making sure all of the legal paperwork is in order, commercial real estate (CRE) attorneys can represent you in court if the borrower challenges the foreclosure.
What is a Nonjudicial Foreclosure?
Nonjudicial foreclosure is the most common type of foreclosure. It is used when there is a power-of-sale clause in the deed of trust that secures the mortgage loan by giving the trustee the authority to sell the home to pay off the loan balance at the request of the lender if the borrower defaults (fails to make payments).
Why Do I Need a CRE Attorney for a Nonjudicial Foreclosure?
If you’re ready to begin the nonjudicial foreclosure process, be sure to contact a commercial real estate attorney for more information. They can help steer you through the process and make sure everything goes as smoothly as possible.
When commercial property goes into foreclosure, the lender will often appoint a trustee to oversee the sale of the property. This person is usually a commercial real estate attorney. They are responsible for ensuring that all of the legal paperwork is in order and that the sale of the property goes through as smoothly as possible.
The trustee is typically a title company or an attorney. The sale is conducted by the county sheriff or a professional auctioneer. In nonjudicial foreclosure, the borrower does not have the right to reinstate the loan and stop the sale (redeem the property).
With the help of your CRE attorney, you can ensure the process is quick and efficient while also protecting your business’s interests.
What Should I Look for When Seeking Out a Commercial Real Estate Attorney?
When looking for a commercial real estate attorney, be sure to remember to work your “ABS” with these tips:
- Ask about their past cases and what kind of outcomes they were able to achieve.
- Be comfortable with the lawyer you choose and feel like they are on your side.
- Start by building a good relationship with your commercial real estate attorney early.
Following these tips is an important first step in finding a qualified commercial real estate attorney that will get you the best results for your business.
How Do CRE Attorney’s Work with Total Lender Solutions?
Total Lender Solutions ensures that the foreclosure process goes from point A to B as efficiently as possible, while protecting your assets and relieving your business of extra stress. When cases get complicated, Total Lender Solutions has premiere connections with real estate attorneys that can solve problems seamlessly. Our thorough process knows that system inside and out and can give your business access to the resources it needs.
At Total Lender Solutions, we pride ourselves on being a resource for the lending community. For over 15 years, our team of highly experienced real estate professionals and legal experts has transformed complicated processes into clear resolutions for institutional and private lenders. We work as a vigorous extension of your team to provide comprehensive solutions and seamless communication, from pre-foreclosure and notice of default to the final sale phase. Our dedication and persistence when it comes to the foreclosure process ensures that our clients feel confident in reaching a successful outcome. Contact us today.
