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Florida office property facing $22.9 million foreclosure judgment

Foreclosure does not apply only to residential homes.  For example, two office properties located in Fort Lauderdale are also facing a $22.9 million foreclosure judgment.

This figure represents a mortgage of $19.7 million along with interests and fees upon the property.  The properties are set to be auctioned off on May 28.  One of the office complexes is 110,010 square-feet and the other is 69,959 square-feet.  A main tenant in one of these office buildings had decided to relocate elsewhere in the Fort Lauderdale area.  The company has also lost two other office buildings to foreclosure and is involved in a foreclosure lawsuit concerning another location as well.

It appears that the owners were extremely underwater on the two buildings. The larger of the two buildings was purchased for $14.3 million and the smaller building purchased for $11.25 million in 2005. However, the combined properties were appraised recently at $10.3 million.

Real estate attorneys can look at the circumstances for a business or an individual, provide a realistic picture of the alternatives available and then negotiate a strategy with all applicable parties.

Whether we are speaking of residential or commercial real estate, there are a number of legal strategies borrowers can take when facing an imminent foreclosure. These foreclosure alternatives can in certain circumstances be a win for both the lender and borrower alike. But while there are a variety of such strategies available, it often takes a professional who understands the various complexities of real estate law to come up with an approach that will appeal to all parties.

Source: South Florida Business Journal, "Two Fort Lauderdale offices in $23M foreclosure auction," Brian Bandell, April 11, 2014

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