How can a small business send someone to collections?
To collect a debt, you can give the debt to a collection agency, go to small claims court or go to civil court if the amount is more substantial. A collection agency specializes in collecting debts and usually works for a percentage of the debt payments they receive—usually 50%.
What happens in a commercial foreclosure?
During a commercial foreclosure sale, the property is sold to the highest bidder, and those sales proceeds are used to pay off the mortgage debt that the borrower owes to the lender. If there are no bids on the property, or if the bids are too low, the lender will bid on the property.
