Commercial Loan Modification
You Only Pay if We Successfully Modify Your Loan
Due to our distressed economy, many business owners are struggling to remain current on their commercial real estate loans. This has led to an historic number of defaults and foreclosures, as well as a drop in the commercial real estate market. Fortunately, business owners are not without options. As a result of the increasing amount of foreclosures and defaults, many commercial lenders are willing to grant loan modifications in an effort to continue receiving monthly payments on their properties. In loan modification, the lender and the borrower meet to renegotiate the terms of a commercial loan in such a way that is agreeable to both parties.
If you are interested in loan modification as a way to protect your property from foreclosure, you should consider retaining the counsel of a knowledgeable business law attorney who can protect your rights and interests. Lenders are focused on making profits, not doing what is best for their borrowers; because of this, some lenders try to take advantage of borrowers during the modification process. It is crucial that you have someone looking out for your best interests during this process to ensure the success and wellbeing of your business. By enlisting experienced representation for your situation, you can be confident that you will not be exploited by the lender.
Methods of Loan Modification
Most commercial lenders are open to the idea of loan modification simply because it is a potentially beneficial alternative to foreclosure. Property foreclosure can be a costly proposition for any lender, and with a sluggish real estate industry, there is no guarantee that lenders will be able to sell a property once they have reclaimed it. Before you meet with your lender, you should have a clear idea of what changes you would like to make to your loan, so that you can best protect your investments and financial future. Business owners with commercial real estate loans can benefit from modifying their loans if they are able to come to an agreement with their lenders on such terms as:
- Reducing the interest rate
- Waiving penalties and various fees that have accrued
- Forgiving past due payments
- Taking past due payments and adding them to the principal of the loan, thereby making the loan "current"
Our firm takes a "hands on" and creative approach to the law and with more than 20 years of experience we are more than capable of coming to an agreeable settlement for your loan modification. We want you to help you succeed and resolve your business dispute both quickly and efficiently so you can get back to earning a living for you and your family. Most attorneys cannot say that they truly have the best interests of their client at heart, but at the Matthews Law Firm, we are dedicated to full customer satisfaction. We feel there is no greater obligation or duty than to help protect constitutional rights and attain justice by resolving legal disputes.