Can a bank force cooperation on appraisals they have requested after they indicated loans would not be renewed (in 62 days)and further stated they will foreclose upon expiration? Also stated Deed in lieu will not be an option. Loans in question are commercial real estate investment properties.
1 Answer from Attorneys
It is unclear what you mean by "force." Based upon the loan documents, there may be civil penalties for acts that hinder the lender's ability to protect their lien or sell the property. But, in a general sense, the property belongs to the owner/investor until the foreclosure. The owner controls who can come onto the property or what they may do, while they are there.