Upcoming Foreclosures

What happens when a hotel goes into foreclosure?

The owner has defaulted on his loan, and it will go up for auction in a few weeks. The owner loaned the money through a private lender, not a bank. What will happen to property at this time, will they shut the doors? If it does not sell in the auction will they keep it opened? It is scheduled to be sold at auction in a few weeks. The owner has defaulted on his mortgage, but apparently it was financed through a private lender. What will happen during the foreclosure? Will the hotel shut down, and if it doesn't sell at the auction, and it is not bank owned, will it continue to operate?

Public Comments

1. There is no way to tell for sure. It will completely be up to the new owner. And if it is being foreclosed on, more than likely, even if no one else bids on it, the private lender will bid on it for the amount he or she is owed. They could come in and close the doors immediately or not - there is really no way to know.