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Do commercial loan borrowers necessarily need to file bankruptcy to stop foreclosure?

October 6, 2010 Leave a comment

Clients with commercial mortgage loans that are due often think bankruptcy is their only option to hold off the lender.

It has proven time and again that borrowers do not have to ruin their credit to forestall a foreclosure.

Borrowers have successfully negotiated extensions without the need for bankruptcy. Some borrowers have also received large discounts off their existing mortgage balance and have secured funds from a third party for them to pay off that discounted mortgage.

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