This is my first post here and I am in need of some advice. I currently have a mortgage on a piece of property in which my business resides. The interest rate is 7.25% and the payment is $17,000 per month. The balance on the mortgage is 2.4 million and with these economic times the value is somewhere between 1.8 and 2.1 million. I have talked with my bank about a loan modification and they will not assist. Since this is a commercial property no government programs apply. I have an opportunity to move my business to another property close by for $7,000 per month lease. A little smaller yet it would work. The moving costs would be in the area of $150,000.

Now I honestly do not expect the property to sell and if it did it would be for less than I owe. So depending on the type of foreclosure I very well may have to file for bankruptcy. I've talked with my attorneys and this is all possible, just a lot of hoops to jump through. Also while I can currently maintain the current mortgage I am not sure for how much longer I can manage it since our business is starting to slow down. So based on the above numbers please offer advice. If you have any questions feel free to ask.