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I concur with the good, general advice from SM1. However, as a RE lawyer with 40 years’ experience in the NY market, the speed at which a commercial foreclosure takes place is largely a function of the county in which the action is pending.
For example, to get anything done in NY County will take much longer than Onondaga County.
The best source of an answer to your question will be your title company.
Thx, I appreciate your comments - I am a Lenders representative specializing in commercial default work in Canada only - we employ regional lawyers for expertise & guidance as certainly the speed & process is very different depending on location - province, city etc. thx again appreciated.
Perhaps the Canadian market is different, however it depends on the property type & size of asset in my experience. If it’s a retirement home - almost immediately a receiver will be appointed. If it’s a smaller asset, I’ve avoided appointing receivers as they are costly and I tend to opt to work with a team of lawyers & property managers to resolve the issue. If no agreement can be made, the team may have to move to foreclosure or power of sale - all without appointment to a receiver.