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Posts tagged 'Commercial Loan Modification Assistance'
Written by: Timothy McFarlin | Publish date: June 17th, 2010
When President Obama instituted the Making Home Affordable Program to help the massive number of homeowners facing foreclosure, many held high hopes. Unfortunately, the program has failed to save as many homes as originally expected. On the other hand, there are several families who have been able to stay in their homes because of the Making Home Affordable Program, leaving many to wonder if a version of Making Home Affordable exists for commercial borrowers. While there is no commercial equivalent to the Making Home Affordable Program, the government does offer several funding programs for small businesses and certain qualifying organizations, [...]
Written by: Timothy McFarlin | Publish date: June 17th, 2010
Commercial loan modification experts, also referred to as commercial loan modification consultants, are generally non-attorney individuals who claim that they can offer assistance in getting commercial loans modified. While many of these experts or consultants are legitimate, many have been found to be scammers, and should therefore be approached with caution. A business owner facing foreclosure is often in a very desperate state of mind, willing to pay for services that sound like they will be able to keep the business owner out of foreclosure. The business owner, however, must be just as cautious as the homeowner facing foreclosure. Caution [...]
Written by: Timothy McFarlin | Publish date: June 17th, 2010
Our economic times are forcing many homeowners and business owners to face foreclosure, but business owners are perhaps in the most peculiar spot of all. In most circumstances, a person who is struggling to make their commercial loan payments will also struggle to make their residential loan payments. When a business property faces foreclosure, the business owner is often faced with the choice of where to send payments; toward the residential loan or the commercial loan. Luckily, there is nothing that says a person is only allowed to modify one of their struggling loans. A loan modification is nothing more [...]
Written by: Timothy McFarlin | Publish date: June 16th, 2010
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 the business owner will often be doubled than for the average homeowner. Business owners are often placed under more stress than homeowners because many businesses tie their personal assets to their professional ones, as would be the case if a business owner took out a [...]
Written by: Timothy McFarlin | Publish date: June 16th, 2010
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 of the property is able to set their own rent prices as they see fit. When the economy took a turn for the worse, several businesses were hit hard, forcing many to close doors, cut employees, or negotiate lower lease terms. The property owners know [...]
Written by: Timothy McFarlin | Publish date: June 16th, 2010
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 a modification would be beneficial to both parties. It is important to make sure that the hardship letter remains professional and does not turn into a complaint letter or a novel. Don’t use profanity, don’t attack the lender, and don’t bore the lender with length. [...]
