How Do I Foreclose On Commercial Property In Fl
we sold a mobile home park and are holding part of the paper with ballon in 5 years as it is now they are behind 1 month to us, :-?
we sold a mobile home park and are holding part of the paper with ballon in 5 years as it is now they are behind 1 month to us, :-?
It depends on what type of paper you hold. Look at your contract and follow the default provisions. If it doesn't spell it out you will have to find the Florida statutes. Commercial is easier to foreclose upon because you don't have to worry about homesteads.
if it's a fractionalized note are the co-investors willing to buy you out?
Would you want to buy them out and foreclose?
BK is always a risk.
1 month is not a lot. Send a letter or call to find out what is going on. It could be a mistake.
As noted already, your options should be in the original paperwork agreed for a default. Make sure you follow it to the letter. This will likely mean hiring a lawyer to manage the process. FInd one who does this sort of thing on a regular basis.
John
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