Attempting to obtain a commercial loan modification agreement from your bank or lender is a job best left to a commercial loan modification professional. Although you are legally able to pursue it on your own, it would be similar to acting as your own legal councel in court. You will not only be unequipped with the needed knowledge and experience to obtain a commercial loan modification, but you will be negotiating with a commercial loan modification professional hired by your bank or commercial lender. Their goal will be to reach a resolution that is in the best interest of their employer. The commercial loan modification professionals you would be up against will be well educated and experienced. The only way to even the playing field will be to arm yourself with your own commercial loan modification professional. Research indicates that 80% of individuals who pursue a commercial loan modification without a commercial loan modification professional fail.
In addition to the above described reasons for not attempting a commercial loan modification on your own, only a trained loan auditor is able to perform a forensic audit. When you hire a commercial loan workout professional, performing a forensic audit to see if your lender violated any state or federal lending regulations is part of the package. The results of a forensic audit can be all you will need to force the lender into a commercial loan workout, which is fully in your favor. Not having that valuable information can lead to long negotiations resulting in a dead end.
Tags: apartment buidling, bankruptcy, commercial loan modification, commercial loan workout, Commercial workout, commerical loan, foreclosure, forensic audit, interest only, property loan