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THE LOOMING COMMERCIAL FORECLOSURE CRISIS???

By Ann Sabbagh

Mortgage and Lending with Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT MLO 10920

October 20, 2010 08:30 AM

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?

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Carol West

Carol West Real Estate, LLC - Hillsboro, OR

Real Estate Agent, Hillsboro, Beaverton, Portland

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."

Oct 20, 2010 08:42 AM

Michael J. Perry

KW Elite - Lancaster, PA

Lancaster, PA Relo Specialist

Alot of your Commerical Banks really don't want to take some of these properties back !!!!

Oct 23, 2010 06:02 AM

Ginny Gorman

RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI

Homes for Sale in Southern RI and beyond

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.

Nov 04, 2010 12:07 AM

THE LOOMING COMMERCIAL FORECLOSURE CRISIS???

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