If you live in New York and are interested in real estate investing, you may be able to use a commercial mortgage on an investment property. But if things go wrong, there are specific differences between the foreclosure process of residential and commercial mortgages.
Residential mortgages usually offer better rates and terms, so commercial mortgages tend to be only used for commercial ventures. However, there can be areas of overlap:
While no one gets a mortgage with the assumption that it will end in foreclosure, the risks are much higher when dealing with a commercial mortgage used for residential property. The most important disadvantage is that commercial loans lack many of the protections that are present for residential mortgages when it comes to foreclosures.
If you have taken out a commercial mortgage on a residential property and are afraid you may find yourself involved in foreclosure, you need to reach out to New York foreclosure lawyer Ronald Weiss immediately. After a free consultation, he can tell you what you need to know about fighting a commercial foreclosure lawsuit and help you get your case started. Call 631-271-3737 and take the first step to a fresh start.