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I owed a commercial building that is going into foreclosure.

Customer Question
I missed two payments and...
I owed a commercial building that is going into foreclosure. I missed two payments and now the bank won't accept any of my payments and has started the foreclosure process. I just learned that my bank has filed for bankruptcy recently. My building will be foreclosed in the middle of December. I was told that if I want to avoid foreclosure, I must find a buyer for my property before December. I don't want to foreclose on my building. My financials have changed and I can now afford my payments. Is there any other way to bring my building out of foreclosure? I've heard that on residential properties, once a house has ben foreclosed, the owner has six months after the foreclosure to bring the property current and keep the property. Is this true and if yes, does this policy also apply to commercial properties?
Submitted: 7 years ago.Category: Bankruptcy Law
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Answered in 8 hours by:
11/1/2010
Bankruptcy Lawyer: Ellen, Attorney replied 7 years ago
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
Verified
Hello,

So sorry to hear of your dilemna. I will strive to provide you with legal information to assist you.

I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information on this open and nonconfidential forum.

You can consider filing a Chapter 11 bankruptcy. A Chapter 11 bankruptcy may allow you to reinstate the mortgage and avoid foreclosure.The Chapter 11 would allow you to pay the arrearage owed on the mortgage over a period of time and reinstate the mortgage.

A Chapter 11 bankruptcy will require that you retain local counsel. I suggest that you retain an attorney was Chapter 11 experience.

If you would like additional details concerning my answer, please click REPLY and I will be happy to respond. Do not click relist as it will delay my response. Otherwise please click ACCEPT so that I receive credit for my work
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Customer reply replied 7 years ago
I know there's the Chapter 11 option already but I really don't want to file for a Chapter 11 bankruptcy. Are there any other options? Is there such a thing as after foreclosure, the owner will have a chance to get the building back?
Bankruptcy Lawyer: Ellen, Attorney replied 7 years ago

Yes there is a right of redemption. The published Notice of Mortgage Foreclosure Sale usually contains a paragraph indicating the length of the redemption period. In most cases, this is six months. Here is the statute:
https://www.revisor.mn.gov/statutes/?id=580.23
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Customer reply replied 7 years ago
Thank you...this is helpful. My only other questions is are there any other option aside from the Chapter 11 that I can do to get out foreclosure? Do you have any experienced foreclosure lawyers in the the St. Paul/Minneapolis area that you would recommend? I already worked with one but it was a waste of money for she wasn't very experienced in foreclosures and didn't really help at all. Thank you.
Bankruptcy Lawyer: Ellen, Attorney replied 7 years ago
Thank you...this is helpful. My only other questions is are there any other option aside from the Chapter 11 that I can do to get out foreclosure?
Unfortunately a chapter 11 appears to be the only option

Do you have any experienced foreclosure lawyers in the the St. Paul/Minneapolis area that you would recommend? I already worked with one but it was a waste of money for she wasn't very experienced in foreclosures and didn't really help at all.

Consider a bankruptcy attorney instead.I am not permitted to refer you to a specific attorney. Here is a website that may be helpful in locating counsel: www.Martindale.com

Thank you.


It has been my pleasure to work with you

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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
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