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Florida properties face foreclosure

According to a recent report, a number of commercial properties in Florida have become involved in foreclosure proceedings. The affected commercial real estate properties include an office park in Davie, a closed hotel in Deerfield Beach and a vacant property spanning 3.75 acres in Fort Lauderdale.

The Davie office park is composed of three buildings and covers more than 56,000 square feet. The mortgage for the building was approximately $4.85 million, and a report stated that the foreclosure judgement was worth $8.1 million. Branch Banking and Trust Co. won the judgement, which involved the head of an Ohio-based real estate management company. The property is scheduled to be put up for auction online on Sept. 13.

The Deerfield Beach hotel case, which involved a $14.2 million mortgage, concerned a property that includes a hotel that covers more than 87,000 square feet and a restaurant that spans 5,698 square feet. RBC Bank USA originally issued the loan in the case, but PNC Bank, which later purchased RBC, filed the foreclosure action. The site, which extends over more than 8 acres, was planned for redevelopment and is scheduled for online action on Aug. 20.

The Fort Lauderdale property, which includes a 16,642-square-foot office building and 1.3 acres, involved two mortgages that totaled $10.9 million in liabilities. The first loan was initially issued by Ocean Bank but was later acquired by a Hollywood-based management company. U.S. Century Bank issued the second loan. The property was protected from foreclosure through a sale of $9.1 million.

Managing mortgages can be difficult if unforeseen circumstances negatively influence a person's finances. However, there are certain steps that person might be able to take to avoid foreclosure. An attorney who is familiar with real estate law could discuss foreclosure defense strategies with a client.

Source: South Florida Business Journal, "Coral Gables office condos face foreclosure, three big auctions scheduled", Brian Bandell, July 03, 2014

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