A foreclosure is a serious legal process that involves the repossession of real estate from a buyer to a lender who has financed its purchase. Many Wisconsin residents may be familiar with the concept of foreclosure in the residential housing market as it is a significant tool that lenders use to take back properties that buyers cannot pay for under the terms of their mortgages. However, foreclosure is not limited to only the residential market, as it can affect commercial properties as well.
If a business owner chooses to buy a building out of which they will operate their corporate enterprise, they will likely take on a mortgage unless they have the money to pay for the property in full. Their mortgage will dictate how much money they must pay each month and for how long the payments will continue. If the business owner stops making payments and cannot stay current on their mortgage, then they may see their business’s building taken back by the bank or other lending institution that has financed its purchase.
The attorneys of Godfrey, Leibsle, Blackbourn & Howarth, S.C., are committed to assisting property owners with their battles to stop and prevent foreclosure. Just as the foreclosure of a home may turn a family out of their place of residence, the foreclosure of a business building may force an entity to close and a business owner to suffer heavily due to the cessation of their business operations.
There are methods that individuals may use to stop and delay foreclosures. Those options can be discussed with real estate attorneys. Individual foreclosure cases should be assessed by professionals who can provide their clients with the best possible information for their unique legal situations.