Jamie Cogburn Featured in Bloomberg Article
April 26, 2011
Cogburn Law Offices works to provide clients the highest level of legal services while remaining dedicated to personal service.Las Vegas Short Sale
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Las Vegas Commercial Short Sale
Cogburn Law Offices has the ability to negotiate a commercial short sale with your lender, wherein we can limit your personal exposure for the remaining loan balance. If a Las Vegas commercial short sale is not possible, then Cogburn Law Offices will negotiate with your lender to accept a deed in lieu. Most often, our primary goal is to limit your personal liability as it is highly likely the loan was personally guaranteed. Yet, a commercial short sale often involves a number of unique circumstances that require their own approach and creative solutions to complete a short sale that is amenable to both the borrower and lender.
Las Vegas Commercial Short Sale Clients and Circumstances
Las Vegas commercial short sales may be the best option in a number of different circumstances. Some businesses and commercial property owners are merely trying to minimize losses and regain a positive cash flow stemming from a bad real estate investment. Other businesses are bound to close shop as is, and a Las Vegas commercial short sale is the best way to settle outstanding debts and/or facilitate the process of commercial bankruptcy.
Similarly, some Las Vegas commercial short sales are completed as a last-ditch option to avoid foreclosure. Sometimes, a notice of default has already been filed during the negotiations and initial agreement of a short sale. In other cases, when it is clear that a business or property owner is unable to continue to make mortgage payments, the short sale process begins as soon as the borrower is behind on payments.
Business Credit and Personal Asset Protection
For clients who have a viable business that is being harmed by a bad commercial property mortgage, the biggest goal may to minimize the impact of a Las Vegas commercial short sale on the business's credit rating. Any short sale is likely to harm a business's credit, but by settling the mortgage debt without entering foreclosure the hit may be less severe.
To protect personal assets, on the other hand, Cogburn Law Offices will discuss those assets that can be given protective status or to strip the equity in such a way to make those assets unappealing to creditors. Even personal assets that are vulnerable through a personal guarantee contract clause may be salvaged through negotiations that may forgive a portion of the mortgage debt.
Las Vegas Commercial Short Sales and Business Tenants
In most cases, a commercial property owner is struggling to make payments on a mortgage because the owner can't keep the property occupied with business tenants. Yet, when a business tenant has a lease for the property, special considerations may need to be made. Sometimes, a preexisting lease may make the property more attractive to investors. For new development projects, this lease must be dealt with before a short sale can go through. Alternately, the business tenant may be ready to make a long-term commitment at that location and become a prospective buyer under short sale terms.
Cogburn Law Offices
Obviously when you are dealing with hundreds of thousands of dollars and in many cases millions, you need aggressive legal representation to protect your rights and limit your liability. Moreover, investors are typically unwilling to leave this sum of money uninvested for any length of time. Thus, to negotiate a short sale agreement on an expedited schedule, there should be no doubt about the dependability of your legal representation.
Our diligent legal services, experienced attorneys, and immense legal resources will give you the peace-of-mind that your Las Vegas commercial short sale will be handled flawlessly and is in the best interests of your business or personal finances. If you are in need of an attorney that will give you an aggressive, courteous, and professional representation, call us now at 702-384-3616 or fill out the form on this page for your free consultation.