WHAT IS THE DIFFERENCE?

There are some significant differences between residential and commercial property when it comes to foreclosure.  It is true that the procedures in court are similar for the most part but the differences do matter.  Residential property basically means property where you reside or live.  Commercial property means investment property that typically has rental income. Residential homeowners usually find themselves in the mandatory foreclosure settlement conference part of the Supreme Court where they focus on whether they can modify the loan or workout the loan default some other way. Investment property owners can also have this type of conference but it is less common.  With rental property, the usual focus of the lender is to try take away control of the rents from the owner and to replace management with a court-appointed receiver. The issues in a commercial case can be very complex and hotly contested.  Workout negotiations require a strong steady lawyer to guide the client.  Attorneys who say they handle loan modifications for residential property are usually not qualified or experienced enough to handle a loan workout or defense of a commercial foreclosure action.  Attorney Scott Lanin is uniquely qualified to handle both.  He was former outside counsel to many banks and lenders, has represented receivers and bankruptcy trustees, and has himself been appointed by a court as a receiver of commercial property.  He has also represented countless owners of residential and commercial properties.  He has experience in dealing with foreclosure and bankruptcy law from every possible perspective.