The news that you are going into foreclosure is difficult to process. It is a scary time that leads to a lot of fear and stress for a building owner. As a commercial building owner, you can suffer the same consequences as those who have a residential mortgage. The Notice of Delinquency in Michigan might not come as a shock, but you will no doubt feel like you are drowning or at the very least sinking. Good news is that there are ways to slow down and to stop the foreclosure if necessary.
Forbes describes a foreclosure as the inability to pay the lender back for the loan that you took out to purchase the property. When you do not make payments, you breach the contract. The lender can then take back the property. Foreclosure is to repossess a building. If you are a few days late on your mortgage payment, you do not have to worry about the bank coming for your building. However, if you have not paid your mortgage in 90 days or more, then the proceedings may begin quickly.
Fortunately, there are options that you can take. Some lenders will allow you to go into a forbearance. This suspends your mortgage payments for a period. This does not mean that you will never pay these. The periods of forbearance simply end up on the end of your loan. You may also choose a new repayment plan that fits with your budget. One of the most popular solutions is to refinance. This is where a lender will offer you a new loan to cover the missed payments.
None of the above is meant to be legal advice. It is for educational purposes only.