Gulf Coast Town Center is home to more than 90 stores, but even with new stores added recently the center is facing foreclosure.
Wells Fargo has filed against the owners of the center claiming the center is more than $190 million in debt. It’s not uncommon to hear about individuals facing financial problems that often lead to home loss, but it’s not just homeowners that face these financial struggles.
The Retail Reality
How can a center as large and as popular at the Gulf Coast Town Center be facing foreclosure? Tenants have told the press that rent inside of the center is high, and many store owners are nervous about what foreclosure might mean for business. No decisions have been made yet, but the claim is that the Gulf Coast Town Center owners haven’t paid off the loan that was originally taken out.
Homeowners Aren’t Alone
Homeowners often face financial issues, but these problems aren’t exclusive to homeowners alone. Business owners have just as much risk (sometimes more) as homeowners, and this can mean losing a business that was once profitable much like the Gulf Coast Town Center. Is there anything that can be done if you own a business and are currently facing foreclosure or other financial problems?
The best option, in this case, is to contact a qualified and experienced attorney. The Dellutri Law Group can help you wade through the paperwork and come up with a plan that may help you save your business. For a completely free case evaluation, contact us today at us at (800) 391-4337 or schedule a consultation online.