Are you a developer or land owner at risk for foreclosure or bankruptcy? If so, it’s time to explore your financing options to safeguard your properties.
Losing property is distressing. The financial repercussions are especially poignant. For instance, if you have a foreclosure in your credit history, you will experience great difficulty purchasing additional property down the road.
Fortunately, there are ways in which you can effectively navigate financial challenges to avoid losing your land.
Developers who are in the throes of losing property through foreclosure can find help getting back on track through Bankers South’s Transitional Lending program. We offer eligible property owners a plan of action in the face of a pending foreclosure. Qualifying developers or land owners can apply for a bridge loan to help them keep up with payments and preserve ownership. This bridge loan will hold developers and property owners over until sales inevitably pick back up. Once they do, owners can then apply for long-term, conventional financing.
Additionally, there are some simple actions land owners can take to better the case for keeping their property. If you are at risk for foreclosure, follow these steps:
- Do not ignore contact from your bank. If you’re having issues making your payments, get in touch with your lender as soon as possible. Explain your situation. Be ready to provide them with financial information, such as loan documents, tax returns, etc. Without this information, they may not be able to assist you.
- Do not desert your property. You may not qualify for assistance if you abandon your property.
If you need help with a pending foreclosure on vacant land or other collateral, Bankers South’s Transitional Lending Program is your source for professional, trust-worthy assistance! We will meet with you and explain all foreclosure prevention strategies available to you to save your property and stay on track.