September 8, 2022
Hartford’s Stilts Building Faces Foreclosure
The downtown area in Hartford, CT has long been a prime location for many businesses. However, market fluctuations that have been driven by the Covid-19 pandemic continue to impact buildings that generate a large amount of revenue. The Stilts Building currently is facing foreclosure, which would severely disrupt the commercial real estate market that has already taken a hit because of the pandemic. It is recognized as a Class A downtown office building. The foreclosure process was initiated by Wells Fargo Bank after several missed mortgage payments, but negotiations are currently in place to resolve the issue.
The building is owned by landlord Shelbourne Global Solutions and was purchased for $44.4 million. It has generated millions of dollars in real estate revenue since 2013, so if the building goes through foreclosure it would significantly reduce the total revenue of the downtown area. The building has a vacancy rate of roughly 20%. Many companies have been forced to downsize their office space due to pandemic-related expenses and a changing workforce. The potential foreclosure that Shelbourne Global Solutions is facing is just another example of how businesses are still trying to navigate the ups and downs of the real estate market well after the peak of the pandemic.
How Foreclosure Happens
Foreclosure is the process of a lender seizing or selling a home if the borrower is unable to meet their obligation to make payments. It can be triggered after certain circumstances, such as if a borrower loses their job. Once the foreclosure process has begun, it doesn’t mean that there is nothing more that a borrower can do. There are alternative options and strategies you can use to strike a deal with the lender.
If you are facing foreclosure, it is a stressful experience to go through. The prospect of losing your home is something no one should ever go through alone, so that is why it is important to seek the legal services of a qualified foreclosure lawyer.
Legal Services From a Foreclosure Lawyer
A Hartford, CT foreclosure lawyer like one at the Law Offices of Ronald I. Chorches can explain to you that you may still be able to consider several legal options if you are facing foreclosure, no matter how behind on payments you are. Their team has been successfully able to prevent the foreclosure process for many clients over the years they have been in practice. Foreclosure lawyers have the skills and years of experience to assist clients who are going through similar scenarios regarding foreclosure. They can advise you on what to do to navigate foreclosure, explain foreclosure and real estate laws, and help you fill out the necessary legal documents involved.
Contact a Qualified Lawyer
As reflected by the current challenges impacting the Stilts Building and other long-term businesses of the downtown area, even businesses that have long been in operation are not immune from the unpredictable nature of economic shifts that could lead to foreclosure. If you would like to know how you can avoid foreclosure and take the necessary precautions to resolve it, speaking to a lawyer can help you. Learn more by requesting a risk-free consultation with a foreclosure lawyer in your area now.