The Sanbusco shopping center in the historic Guadalupe district is facing foreclosure after losing anchor store.
The foreclosure notice indicates that the centers developer, Joseph Schepps, has defaulted on $9 million in loans. The foreclosure notice did not indicate who the lender is.
In a statement Schepps said, “We have unfortunately not been able to recover from the Border’s bankruptcy and subsequent loss of our anchor tenant and prolonged economic downturn.”
Schepps also said that the shopping mall has faced many hurdles including long delays in the building of a theatre multiplex, and increased completion from a nearby Wal Mart Supercenter and online shopping.
The shopping center has roughly 20 stores and two restaurants.
Foreclosures are continuing to plague the economy and housing market, but it is avoidable with the legal expertise of a foreclosure attorney.
Whether you own a home or a commercial property you can contest a foreclosure if you contact a New Mexico foreclosure lawyer immediately after you receive a default notice. There are a number of steps the troubled individual or business owner can take to prevent foreclosure, which largely depends on your financial situation.
In some cases, a bankruptcy filing can stop foreclosure while the debtor works on satisfying creditors. After filing for debt relief all collection activities will be stopped and remain on hold while the property owner goes through the process.
A New Mexico foreclosure attorney may be able to negotiate for a mortgage modification which will lower monthly payments to an affordable rate and stop the foreclosure process.