Commercial & Residential Real Estate Lawsuits
One of the areas that has been most hard hit by the economic downturn has been Commercial and Residential Real Estate.
Many residential homeowners are unable to pay their mortgages due to the loss of a job or loss of full time work, unanticipated medical costs, mortgage interest rates being reset at a higher rate or any number of other unexpected problems. Additional issues arise where the residential property's value has dropped below that of the purchase price making it economically difficult to justify paying on the property. When mortgages are not paid, the bank or mortgage holder will often start foreclosure proceedings.
When a homeowner is not able or willing to pay on their mortgage, they need the help of a lawyer to determine their best course of action. Should the homeowner short sell their home? Or, should they let the bank foreclose on the property? Each decision has a significant legal and economic impact to the homeowner and expert legal advice is crucial. Depend on a Realtor to sell your home, not provide you with the legal advice on whether you should short sell your home and the possible legal and financial consequences of doing that.
The commercial real estate markets have been equally hard hit. As businesses fail, vacancies rise and landlords may not be able to make their mortgage payments. When this happens, commercial foreclosures occur which affect not only the property owners, but the remaining businesses in the project.
Whether it's losing a residential or commercial property, lawsuits and financial penalties are often the result.
Additional real estate related lawsuits such as professional malpractice by real estate agents, lenders and appraisals may be grounds for litigation. This is becoming more common as real estate agents are advising their clients on short selling their home as a cure to the homeowner's economic problems. Other potential areas of litigation can involve broken leases, construction defects and business loss due to foreclosures.
If you are interested in contacting Owens & Perkins regarding a Commercial or Residential Real Estate Lawsuit, click here.