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Posts tagged 'Loan Modification Assistance'
Written by: Timothy McFarlin | Publish date: November 12th, 2010
Bank of America commercial loan modification “in-house” programs offer a variety exciting promises to commercial building owners. Unfortunately, these promises rarely carry through to the real world. In most cases, a Bank of America commercial loan modification is much like Santa Claus or the Easter Bunny…a well organized fantasy. Challenges with Bank of America Commercial Loan Modification Negotiating a loan modification with Bank of America on a commercial or non-residential loan can be quite time consuming and frustrating. There are not presently any type of government directives or institutional pressure on banks, such as Bank of America, to modify commercial [...]
Written by: Timothy McFarlin | Publish date: November 8th, 2010
As a loan modification lawyer, many people ask me “how do I apply for a home loan modification?” Well, the short answer is, very carefully and deliberately! Loan modification is not a matter of simply putting in a request with the lender, it has become a long and drawn out process of faxing paperwork and following up constantly. Step 1 in How Do I Apply for a Home Loan Modification: Lender Requirements The first step when applying for a home loan modification, is to call the lender and get their guidelines or a list of requirements for loan modification. This [...]
Written by: Timothy McFarlin | Publish date: November 5th, 2010
As a loan modification attorney and bankruptcy lawyer, many clients ask me: Can you get a loan modification with a chapter 7 bk? A bk chapter 7 (Chapter 7 Bankruptcy), will typically slow down the loan modification process, and often improves a borrowers chances of getting approved for a loan modification. Chapter 7 Bk and Loan Modification Frequently, clients who are considering a loan modification also need a chapter 7 bankruptcy. Borrowers struggling with mortgage payments are often struggling with the burden of other debt as well. The same problems which cause clients to fall behind on mortgage payments, often [...]
Written by: Timothy McFarlin | Publish date: November 4th, 2010
As a loan modification attorney, clients often ask me for a loan modification hardship letter sample or example. In order to be considered for a loan modification, all borrowers must write a loan modification “hardship letter.” The purpose of a loan modification hardship letter is to explain the challenges which caused the borrower to fall behind on payments, or explain why the present payment it too high. Loan Modification Hardship Letter Example Components It is important to include your name, address, social security number, and loan number so your lender can identify your letter and apply it to your loan [...]
Written by: Timothy McFarlin | Publish date: October 16th, 2010
One of the biggest concerns for homeowners looking to keep their property out of foreclosure is the financial worksheet for loan modification. The loan modification financial worksheet is a critical document because it tells the mortgage company the borrowers’ story in a nutshell. For that reason, the financial worksheet for loan modification must be completed carefully, diligently and completely. I’ve compiled some tips to help homeowners complete their financial worksheet for loan modification to give themselves the best chance of success on their loan modification. Loan Modification Financial Worksheet Tip 1: Make Sure there’s Plenty of Income I’d say the [...]
Written by: Timothy McFarlin | Publish date: June 21st, 2010
A commercial building loan is to a business owner as a mortgage loan is to a homeowner. A foreclosure, on the other hand, is exactly the same no matter which way you slice it. A foreclosure, in laymen’s terms, is simply the repossession of collateral in the event that a loan falls into default. Homeowners that fall into default face the repossession of their home, while business owners that fall into default on commercial property loans face the repossession of their commercial property. There are several options available to the business owner to avoid foreclosure should they ever have trouble [...]
Written by: Timothy McFarlin | Publish date: June 21st, 2010
Starting a business takes a huge amount of courage, determination, and risk. Studies have shown that most business fail within their first few years of existence. Still, thousands of Americans continue to pursue the dream of owning their own business year after year, despite the risks. When financial trouble presents itself, the business owner has two options, sink or swim. They may decide to call it quits and close up shop, or they may decide to stick it out and fight to keep their doors open. Only the latter has the best chance at not becoming another failed business statistic. [...]
Written by: Timothy McFarlin | Publish date: June 18th, 2010
These troubling economic times have many business owners wondering if their businesses will be able to survive in the face of foreclosure. One of the most popular tactics that businesses are using to avoid foreclosure of their business loans is loan modification. Loan modification is an agreement between borrower and lender to modify the terms of an existing mortgage contract with the intent of lowering the monthly payments for the borrower. Some loan modifications are temporary and others are permanent. Different lenders offer different options, so the borrower will have to consult their lender to determine what kinds of plans [...]
Written by: Timothy McFarlin | Publish date: June 18th, 2010
When a business owner’s Wells Fargo commercial loan falls into default, foreclosure becomes a very real threat to the business, to the business owner, and to any person depending on the success of both. Loan modifications for real estate loans have grown in popularity since the collapse of the housing market in 2007, but they are just as helpful for business owners seeking commercial loan modifications. The hardest part about being approved for a loan modification is getting the entire process done in enough time to help the borrower. Lenders are notorious for dragging their feet through the process, in [...]
Written by: Timothy McFarlin | Publish date: June 18th, 2010
When a business owner faces the foreclosure of their business loan, a business loan modification may be just the fix to keep the doors to the business open. A business loan modification will allow the borrower to pay a lower, often fixed, monthly payment. An Internet search for business loan modification assistance will reveal thousands upon thousands of deals and bargains aimed at desperate business owners offering assistance. In many cases, all the business owner needs to do to save their business is order some kit or package promising to reverse their financial trouble with a single mouse click. Despite [...]
