For property owners, few things are more intimidating than a notice of foreclosure. Many people think of this as the end of the line. Fortunately, that is not necessarily true. Property owners, buyers and lenders alike can often get creative to find a solution that satisfies each party’s needs and spares everyone the disruption of foreclosure.
Recently, a group of nonprofits in Ohio announced its plan to save a historic piece of real estate from foreclosure.
The plan concerns Shaker Square, a picturesque retail center in a 100-year-old Cleveland neighborhood. According to news reports, retail business at the center has been relatively strong, even through the economic turmoil of the past two years. Even so, the company that has owned the property has suffered as the national commercial real estate market has soured. The property went into foreclosure and was headed for a sheriff’s sale, at which it would be sold to the highest bidder.
Into this situation stepped a group of Cleveland neighborhood nonprofit groups, who joined forces in an attempt to purchase the property. A spokesperson for the group said their members were concerned that a sheriff’s sale would result in Shaker Square being sold to an out-of-state buyer with little interest in preserving the center’s links to its community. The group is reportedly still in the process of securing financing for their plan.
When a property owner gets a foreclosure notice, it’s time to get serious, but it’s not time to panic. Struggling owners can seek out help from attorneys to find creative solutions for their problems. They may be able to negotiate terms with a lender. They may even find help from community groups.