Nevada commercial real estate professionals understand that the constantly evolving Nevada market requires vigilance. Lenders particularly understand that although they serve a diverse portfolio of commercial real estate types, all industries are not equal in every economic upturn and downturn. Data consistently shows that commercial foreclosures are likely on the rise, steadily creeping toward pre-pandemic numbers.
The experts at Total Lender Solutions have partnered closely with commercial real estate lenders for over three decades to enact non-judicial foreclosures. Our industry means that we keep a close eye on foreclosure rates and changing laws.
Related Article: Four Things Lenders Should Pay Attention to in the Nevada Homeowners’ Bill of Rights
What Lenders Need to Know About Commercial Foreclosures in 2023
Below are some recent headlines surrounding commercial foreclosures in Nevada that we believe lenders should pay attention to:
Foreclosures Steadily Rising to Pre-pandemic Numbers
As foreclosure experts for many non-judicial foreclosure states across the Pacific Northwest and Western United States, we are seeing a steady increase in foreclosure rates throughout the states where we specialize. These metrics are consistent with the findings of real estate data curators like ATTOM. We predict, with the incoming recession, the foreclosure rates will continue to rise.
To protect your assets, consider consulting a foreclosure expert like Total Lender Solutions to explore foreclosure or alternative options to manage default borrowers.
Decreasing Popularity of Incoming Commercial Real Estate Due to Bank Closures
The recent closures of large banks have meant that an increasing number of new home buyers are entering the market. However, the same cannot be said for commercial real estate, which is decreasing in popularity.
Many commercial buildings that were vacant during the COVID pandemic were unable to recuperate. Many cities are considering legislation that will convert previously commercial properties into residential or hybrid properties.
Non-judicial Commercial Foreclosure Regulation Laws Upheld
Nevada has not made any significant changes to foreclosure law since 2017, although legislation during the pandemic made many contingencies for borrowers. Now that many pandemic policies are being lifted, lenders may find that more borrowers are facing default.
Commercial foreclosure regulatory laws remain rigid and complicated. At Total Lender Solutions, we work as a vigorous extension of your team to provide updated and comprehensive foreclosure education for your team. 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.
