We have seen the number of foreclosures rise to over 800,000 this year; mostly residential homes.  The number next year will be including a great deal more of commercial properties.

 

How will this affect our cities & towns?  What should we be on the look out for?

What should the plan be for the commercial landlord whose mortgage is more than the value?  The loans are BALLOONING.  Values have fallen significantly.  Foreclosure?  Short sale?

Should aggressive agents market to the commercial owner?  Is a short sale better than foreclosure on the credit report?   I say "yes".

What are your thoughts?

 

 

 

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

 

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

 
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3 Comments on THE LOOMING COMMERCIAL FORECLOSURE CRISIS???

OCT
20
2010
Localism Sponsor

It's true there are many commercial agents that have left their offices for other jobs. Maybe we should work with investor groups for both residential and commercial "packages." 
3:42pm • #1
OCT
23
2010
815,596 Points 13 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Alot of your Commerical Banks really don't want to take some of these properties back !!!!
1:02pm • #2
NOV
04
2010
797,178 Points 80 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Ann, i am late checking back on this one but i know a few commercial property holders who locally are finding the banks reasonable in just modifying the loans and long as the owner can hold out (if vacancy factors don't increase)...great question.
7:07am • #3


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Ann Sabbagh, President, Sr. Loan Officer

Pawtucket, RI

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Seacoast Mortgage Corporation, RI, MA & CT

Address: 267 NEWPORT AVENUE, PAWTUCKET, RI, 02861

Office Phone: (401) 475-1600 x 306

Cell Phone: (508) 243-1190

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Seacoast Mortgage: Your place for:RI loans, MA loans, CT loans, FL loans, commercial loans, residential loans, FHA, VA, USDA, 100% financing, FSBO (for sale by owner) assistance. Find a loan in RI, find a loan in MA, find a loan in CT,RI mortgages,CT mortgages,FL mortgages,MA mortgages. Do you qualify for a loan? At Seacoast Mortgage, we qualify you within your means. What you can afford is different than what you qualify for. Call us today!


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