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Advice on how to catch up on behind commercial mortgage loan payments

This article will advise you on how to catch up on behind commercial mortgage loan payments.

Watch out! You can only be behind on mortgage loan payments for 15 days and then, without even telling you, the mortgage loan lender can do one of the following:

  • Foreclose on your commercial property
  • Declare power of sale on your commercial property

And if you're behind on mortgage loan payments, unfortunately you're not allowed to catch up on your payments by refinancing your commercial mortgage loan.

So borrow, get a bank loan or use a credit card to catch up on behind commercial mortgage loan payments.

Borrow to catch up on behind commercial mortgage loan payments

A solution to catching up on behind mortgage loan payments is to borrow money. Maybe you could borrow money from one of your business associates, family members or friends to catch up on your behind payments. The nice thing about getting money from someone you know is that they probably won't charge you interest for borrowing from them.

Don't forget - you have to borrow money to make your commercial mortgage loan payment before it's 15 days late. Otherwise you could lose your commercial real estate from your lender foreclosing on your real estate or declaring power of sale.

Get a bank loan to catch up on behind commercial mortgage loan payments

A solution to catching up on behind mortgage loan payments is to get a bank loan. Your mortgage loan payment is probably under a few thousand dollars, which is a feasible amount to borrow from a bank.

As long as you can qualify for a bank loan (you have to have decent credit), paying your mortgage loan one month with a bank loan could work for you.

Don't forget - you have to get a bank loan to make your commercial mortgage loan payment before it's 15 days late. Otherwise you could lose your commercial real estate from your lender foreclosing on your real estate or declaring power of sale.

Use a credit card to catch up on behind commercial mortgage loan payments

A solution to catching up on behind mortgage loan payments is to use a credit card. Your mortgage loan payment is probably under a few thousand dollars. And that's an amount that could be paid with a credit card.

It's not such an awful thing to pay a mortgage loan payment with a credit card. Just make sure your credit card isn't maxed or that you're not too behind on credit card payments.

Don't forget - you have to use your credit card to make your commercial mortgage loan payment before it's 15 days late. Otherwise you could lose your real estate property from your lender foreclosing on your real estate or declaring power of sale.

If you want to find out more information about mortgage loan advice like me, contact The Mortgage Store Online's brokers by using the contact form or by calling them at 1-866-674-0548.

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