Long Island, NY Commercial Foreclosure Defense Lawyer

Running a business isn’t easy, and many business owners undergo hardship from time to time. However, if you run a commercial business and are facing foreclosure, you should strongly consider retaining the services of a seasoned Long Island commercial foreclosure defense lawyer who can help your business stay afloat. Contact David A. Gallo & Associates LLP today to learn more about what we can do for you.

Commercial Real Estate Foreclosure Is Complex. A Lawyer from Our Firm Can Help.

As a business owner, one of the most important things to you is the well-being of your business. Unfortunately, recent times have proven difficult for business owners here in New York State and throughout the country. That said, if you’ve fallen behind on mortgage payments, are accused of violating the terms of your mortgage agreement, or you otherwise are unable to pay off your debt, your best defense is to have a team of seasoned Long Island, NY real estate litigation lawyers on your side. Fortunately, you are in the right place.

What is Foreclosure?

Essentially, foreclosure is the process by which a lender will take control of a property when its inhabitant cannot pay off the debt owed to the lender. For a lender to successfully foreclose on a property, they will have to prove that the borrower has either defaulted on the loan or violated the terms of the loan agreement. If you’ve recently received a foreclosure notice as a commercial property owner, you do have options, but the time to act is now. Only a seasoned attorney can protect you.

Defenses Against Foreclosure On Commercial Properties in NYS

With the right legal team in your corner, you may have access to several potential defenses and strategies to help you avoid foreclosure of your commercial property. Some of the best potential defenses against foreclosure are as follows:

• Negotiate with your lender to modify the existing mortgage or create a forbearance plan: A forbearance plan will allow a borrower to pay back debt in a more feasible way in exchange for the lender agreeing to halt the foreclosure process. In other cases, though not dissimilar from a forbearance plan, an attorney can simply work out a deal with a lender for a reduced payment amount or a lower interest rate.
• Declare Chapter 11 bankruptcy: Though not ideal for all business owners, depending on your individual circumstances, it may be a solid option. If your business remains profitable, Chapter 11 may allow you to restructure your debts, come up with a repayment plan that works for you, and ultimately halt a foreclosure action on your commercial property.

Contact a Commercial Foreclosure Defense Lawyer Today

Facing foreclosure on your commercial property? Our legal team has an in-depth understanding of the laws designed to protect you. Contact David A. Gallo & Associates LLP today to schedule your initial consultation with our firm.