Many of the same financial problems facing homeowners in America are also facing private business operators.  With the economy still in a slump, many business owners have to deal with the thought of facing foreclosure.  While the financial trouble and possible solutions for avoiding foreclosure are similar for businesses and homeowners, the stress involved for read more »

A large portion of commercial properties are not actually owned by the businesses that occupy them.  Most commercial properties are owned by investors who lease out space within their building to local businesses.  Some buildings are leased to a single business, while others are divided into sections and floors that house multiple businesses.  The owner read more »

A modification letter is a part of any loan modification process, residential or commercial.  The details of a commercial loan modification hardship letter will differ slightly form that of a residential letter, but the intent remains the same.  The purpose of the hardship letter is to express to a lender in one’s own words why read more »

Fannie Mae and Freddie Mac are two of the largest financial institutions in the world.  They make millions of dollars by purchasing home loans from lenders, bundling several similar loans, and selling those bundles to major investors.  When the housing market fell, the two institutions were placed under federal control, which allowed the government to read more »

Requesting a loan modification is far from a quick or easy process.  Lenders have a reputation of dragging their feet when it comes to approving applications for modification.  Many lenders make their borrowers wait up to a year before they offer an answer to the original request to modify the loan.  In many cases, this read more »

First Horizon, as one of the largest mortgage lenders in the county, has been directed by the Congress and the US Treasury to offer homeowners Home Loan Modifications or Mortgage Modifications. Under the HAMP and MHA (Making Home Affordable), First Horizon has no choice but to make these programs available to borrowers, as well as read more »