Tough economic updates have led to major changes in the Oregon commercial real estate industry. The market has been hit with decreasing office and commercial space occupancy, rising inflation, and the increasing costliness of natural disasters. Do you find yourself in the position of needing to foreclose on the borrower of a commercial loan? According to Randy Newman, a leading foreclosure expert in seven states and President of Total Lender Solutions, Oregon commercial foreclosures are expected to increase in the coming quarters.
Reasons for Increased Commercial Foreclosures in Oregon
Post-Covid Occupancy: The rise of remote work and e-commerce has led to increasingly lower commercial real estate occupancy rates. Many are restrategizing or repurposing their spaces to be hybrid or residential. Oregon is currently considering a bill that would allow commercial real estate abandoned during the COVID pandemic to be easily converted into residential housing. These changes can lead to increased defaults.
As commercial property vacancies continue to hover below pre-pandemic numbers, many lenders are expected to see increased defaults and increased Oregon commercial foreclosures.
Rising Inflation: Much commercial real estate, especially that which is in development, will be facing increasing defaults due to inflating construction costs. Many property customers are encouraged to continuously update their statements of value to account for the increase.
Natural Catastrophes: Natural disasters have been increasingly expensive and straining on commercial property. In Oregon, warmer weather indicates the beginning of the wildfire season. Even properties that are not directly affected by fire and other natural disasters suffer from their lingering effects, leading to decreased occupancy and increased inflation.
Why Lenders Need a Partner for their Oregon Commercial Foreclosure
Lenders have increased stressors during times of economic downturn. In the event of a foreclosure, we understand that your team may not have the time and resources to adequately enact a foreclosure that adheres to each state’s specific compliance requirements.
The Team at Total Lender Solutions is intimately familiar with the nonjudicial process in Texas, California, Arizona, Nevada, Oregon, Missouri, Washington. We work as an extension of lender teams looking to maximize recoveries on defaulted loans. We transform the complicated process of foreclosing commercial real estate into clear resolutions for institutional and private lenders. Contact us for insight into navigating an increasingly tough economy.
The United Trustee Association is a collective of industry real estate trustee professionals. Members attend the best educational meetings and trade shows in the industry. They collectively advocate before state legislatures in the nonjudicial foreclosure states.
Newly fulfilling the role Randy Newman held last year is the new sitting President of the UTA, Cathe Cole-Sherman. Cathe is the SVP of Operations for Trustee Corps in Irvine, California. Cathe brings to the Association over 35 years of all aspects of real estate mortgage default experience.
Randy and the entire team at Total Lender Solutions welcomes her into this new role, and look forward to the growth the Association will make in the future with Cathe at the helm. Total Lender Solutions additionally looks forward to the upcoming year, and to gaining and sharing knowledge about the real estate trustee industry with the brightest minds across the US.
Keep Your Team Educated About Foreclosure Law
At Total Lender Solutions, we advocate for lenders looking to maximize recoveries on defaulted loans. 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.
