What is Commercial Loan Modification?

A process of changing the mortgage terms from the original note. The changes will reduce the monthly payment using methods that may include lowering interest rates, lengthen the term of the loan, reducing the balance, switching to interest only for a term, adding past due amounts to the back end of the loan.

Can I do this myself?

Yes absolutely you can. You can do anything on your own but you may obtain a better result using a professional negotiator. For example you can defend yourself in a lawsuit in court but I recommend getting an attorney who would get you a better result.

Do I have time to wait?

We would NOT recommend waiting with the economy in such turmoil. Commercial lending is beginning to unravel. As with resisential, lenders are going to get swamped with modification requests. There is $8.1 trillion in commercial loans that are about to come due…that sounds like it can become a very long line.

Do I need an attorney?

No not with most modifications. With residential modification attorney rarely even saw the homeowner paperwork. In certain cases when an attorney is recommended we have an attorney available for you.

Is there any kind of guarantee?

As long as all conditions are met and we are unable to obtain a modification for our client we will refund the fees that were paid to the business owner.