Commercial Modification » commercial short sales

The New and Improved Commercial Modification Blog!

CLR Staff — Fri, 25 Feb 2011 18:41:48 +0000

Commercial Loan Review, Inc. (CLR) the leader in commercial loan modification, is now available to you where you are online! Our Twitter and Facebook accounts are there for your convenience. Follow us on Twitter and like the CLR page on Facebook for a consistent stream of insightful industry information from our professional staff. These social networks also provide a quick and easy place to get into contact with CLR for a FREE no obligation consultation. Updated weekly with fresh content, we promise quick and detailed responses to inquires.

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When Choosing Loan Modification Foreclosure Can Be Dodged

CLR Staff — Sun, 30 Jan 2011 18:07:36 +0000

These days, a business is going to have to be savvy if they want to find a way to get through tough times. Much of the time, a bit of professional advice can go a long way towards helping that business avoid a foreclosure that would not be beneficial to them. With the right loan modification foreclosure can be avoided if you have the right legal team working on your behalf in order to ensure that you can get through the situation in a way that keeps you from getting taken advantage of. Companies today need to know that most lenders will be in favor of settling for having commercial short sales instead of dealing with problems that are just not going to get any easier if the lender has any say. You need protection if you want to get through tough times like this because no lender is obligated to look out for the borrower’s best interests.

Lenders today are definitely inclined to consider any options that are going to give them instant cash they can use instead of hard property they do not even want to own in the first place. Using this to your advantage, commercial short sales are possible which can help you get the best deal and make sure you are not short changed on what you could get in terms of a reduction on your debt. This is the smart way to make sure you get the kind of savings you actually deserve to get.

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With Loan Modification Foreclosure Could Be Avoided

CLR Staff — Tue, 18 Jan 2011 17:52:06 +0000

So many businesses are now in turmoil because while the bulk of this past recession is said to be over now, the reality is that a lot of things have not changed for us. We all have to do what we can to get help if we have a commercial loan and are starting to struggle with the repayments. This is why with loan modification foreclosure can be avoided in many cases. It is certainly smart to look into getting professional advice on this kind of matter if a company is serious about getting better results for themselves and not having to go through the loss of the property in way that is going to deal a great amount of damage. Often, commercial short sales can be a key solution that both borrowers and lenders can agree on. It is the right way to handle things for the long haul in many cases, but there need to be many things taken into account.

Any person that is looking to find the right kind of answers is going to have to do what they can to get the best advice out there. This is why when it comes to short sales commercial lenders will often agree, but you still need to have some professional help to make sure that everything can work out effectively for you if you are the borrower. Thinking things through is the best route to go for those who want to know they are going to be okay.

Technorati Tags: avoid foreclosure, commercial short sales, loan modification foreclosure, short sales commercial

Commercial Refinance Can Save A Property

CLR Staff — Fri, 14 Jan 2011 14:44:08 +0000

Being able to have options is one of the most comforting things possible if you ever find yourself in a tricky situation. What you want to be able to do is find a good solution to your problems that is going to help you out in a big way. When you check out what you can gain if you get the right kind of commercial refinance deal, you can see that borrowers really can benefit from this kind of solution that is designed to help them. When you get a good deal that works out in your favor, everything else is a great deal easier. You can certainly rest easy when you find out that a good commercial loan Workout can help you. You never need to suffer through bad terms and an even bigger loss if you take the time to seek out professional advice from an experienced legal team who knows how to do what it takes to help you.

There are a lot of things you can do to make sure that the lenders are not the only ones who benefit from any kind of changes that must take place with your loan. When you know what you are doing because the right team’s helping, commercial short sales are a big possibility that can end up saving you quite a bit of stress. This is a great solution, but to make sure you get the best deal, get yourself some qualified help first to make things easier.

Technorati Tags: commercial loan workout, commercial refinance, commercial short sales

Commercial Short Sales Vs. Foreclosure

CLR Staff — Sat, 10 Jul 2010 14:22:15 +0000

These trying times can really test our survival skills and how we adapt to drastic changes. Difficult decisions such as whether to sell or foreclose your property have to be made. When you get to this point and do not know what to do, always remember to ask opinions from those in a position to explain the matter to you clearly. Properties are good investments but the monthly mortgage expense can be burdensome. Commercial property owners stand to lose a lot if wrong decisions are made. There are two clear options available for them, commercial short sales or foreclosure. If they opt for the former, they can lose but not as much as going for the foreclosure.

A short sale is when a commercial property owner sells his property at a value lesser than the actual. But before doing so, the owner must first secure the approval of the loan lender. The lender then determines whether or not the value of the sale is favorable or not. If the sale is favorable, then it can be facilitated in a short time. Foreclosure, on the other hand, is the least move you want to make because more than losing the property, you also lose a good business reputation which you have built upon over the years. Take time to review your options before finally deciding which course you will take. Apparently, though, the making the short sale is the wisest thing to do. To help you negotiate a good deal, seek the help of a commercial loan workout firm that has extensive experience in this field. It could be the first step in unburdening yourself with the escalating costs of mortgage premiums in comparison to what your business is earning.

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Rise in Short Sales Commercial Properties Need

CLR Staff — Mon, 05 Jul 2010 16:58:03 +0000

Foreclosure for any individual, group, or business can be a very difficult thing to deal with, especially when the process has started. Even with the increasing trend of commercial loan modifications, there is a rise in short sales commercial properties require. Many business owners make the mistake of assuming these modifications are handouts and then re-default once a lender has agreed to the loan restructuring.

While short sales still have a negative impact on your credit, a foreclosure is avoided in the process, allowing you access to more business opportunities than if the foreclosure were allowed to happen. If a loan re-defaults even after a commercial loan workout, then a commercial short sale can become the next logical option. Lenders are open to negotiations on holding a short sale and forgiving a part of the loan because often enough, the market value of the home will have dropped significantly lower than the value of the loan itself. Selling it now means the possibility of collecting more compared to a foreclosure sale.

Many lenders already have a large portfolio of foreclosed properties being managed. Adding another one is the last thing that they might want, as many of these properties enter the market poorly managed and maintained. Coupled with the cost of foreclosure, a short sale becomes practical because the property is sold in a little amount of time while at the same time preventing the property from flooding and already flooded market.

The impact of foreclosures, shot sales, and foreclosure sales can be very strong, with prices dropping in the real estate industry as more and more of these properties pop up.

Technorati Tags: avoid foreclosure, commercial loan modifications, commercial loan workout, commercial short sales, short sales commercial

Commercial Short Sales Defined

CLR Staff — Sat, 26 Jun 2010 14:56:06 +0000

So what exactly is commercial short sales? It is a process that helps property and home owners to prevent foreclosure proceedings by simply selling the property in question in an amount that is below the amount owed on the mortgage loan. But in order for this to push through, the creditors or the lenders would have to approve the sale of the property and the borrower on the other hand, would need to prove that he or she, indeed has financial troubles. These days, there are several real estate as well as commercial properties that are not doing very well – meaning, the owners owe more money than the actual property is worth. When this happens, it would be impossible for the property owners to apply for refinancing, commercial loss mitigation or to even qualify for the simplest commercial real estate loan modification program. In the end, to avoid the property being foreclosed, owners resort to commercial short sales as alternatives.

However, in order for a commercial short sale to be approved, the borrower would need to determine if said process would be the best option rather than foreclosure. Commercial creditors or lenders are only open to commercial short sales if they think that it would be cost effective for them in the long run. A third party commercial loan company can also be chosen by the property owners in order to negotiate for better terms on their behalf when they push through with the commercial short sale. In truth, a commercial short sale would also put a dent on a property owner’s credit standing. But when they think about the amount of damage that a foreclosed property would do their credit standings, property owners tend to choose the option that would hurt their credit scores a lot less.

Technorati Tags: avoid foreclosure, commercial loss mitigation, commercial real estate loan modification, commercial short sale, commercial short sales

Commercial Loan Review Basics

CLR Staff — Fri, 25 Jun 2010 15:51:13 +0000

A commercial property owner of strip malls, shopping centers, office buildings, multitenant buildings can meet up with a specific bank or creditor for the possibility of a commercial loan modification. These adjustments would normally result into a lessening of the amount due, a temporary period of interest only payments, lessening of the interest rates, an extension of the loan duration, etc. A commercial loan review is needed to be done by the lenders before any of the said adjustments can be approved by the said lenders.

A commercial loan review will involve experts analyzing the information from the financial documents that the borrower is required to submit. It is also necessary that both borrower and lender be involved in the whole process of the loan review so that all the terms can be agreed upon by both parties. Keep in mind though, that financial institutions are usually recommending borrowers to consider loan workouts first because they later on find out that borrowers’ main reason for defaulting on their payments is a temporary inability to pay because of the economy’s financial downturn. It must be noted that several commercial property owners would only need time to regain financial stability while there are others that are in need of permanent changes in order to become stable once more. Either way, the lender would benefit from these situations because they will be able to avoid the costs of foreclosing a property and still be paid by the borrowers although the payments may already be less than the original loan had been.

For the borrowers, another option to avoid foreclosure is to go for commercial short sales but this option would also have a negative impact on the person’s credit standing, although not too much damage as compared to having a foreclosure on their records. In a commercial loan review, the lenders make sure that the business owner is fully capable of making the monthly payments in the event that the loan modifications are granted. Some factors that lenders would take into consideration in determining if the property or business would be a good credit risk is the cash flow trends, payments history, conditions of the market as well as the guarantors.

In the borrower’s point of view, the process of a commercial loan review is quite different. The services or help of a loss mitigation attorney is usually required by the borrowers at this point in order to carefully study all of the details included in the loan agreement that was originally agreed upon. The reason is that there may be certain clause in the original agreement that may not be beneficial to the borrower. In the event that such violations are found, the lender may not be authorized to require the borrower to comply with the provisions of the loan agreement and this can include the clauses that pertain to foreclosure. At the most, a lender may even be required to return previous interests paid by the borrower way back when the loan began. All in all, a commercial loan review enables the borrower to come up with ways to negotiate for better terms on their existing loans.

Technorati Tags: avoid foresclosure, commercial loan modification, commercial loan review, commercial short sales

How to Short Sale Commercial Property

CLR Staff — Wed, 23 Jun 2010 14:23:38 +0000

A short sale of commercial property is often the last option of borrowers who want to avoid foreclosure of their building. This is because commercial short sales involve selling the property at the prevailing market rate, which is generally lower as compared to the amount owed to the lender. In order for the transaction to take place, the lender has to agree with the terms of the sale.

For the lender to agree to the terms of commercial loan modfication, you have to follow some procedures. First, as the property owner, you have to take in charge in the property appraisal to determine the current market value of the proposed short sale commercial property. If there is a great discrepancy between the current values as opposed to the original mortgaged amount, seeking the advice of a loss mitigation specialist will be helpful. The specialist can assist you in your negotiations with the lender and in searching for possible buyers for the property.

You also have to make a proposal to the lender that should include a breakdown of foreclosure costs as compared with short selling the property. Estimates of projected investments and letter of hardship, which explains your incapacity to pay the entire mortgage, should also be provided to the lender. Having these documents ready will assist in the speedy decision on the part of the lender, and eventually will help you to achieve financial peace of mind.

Even though short sale of commercial properties is often the last option for most property owners to avoid foreclosure, in many cases, it is only the best option to get out of a bad financial situation.

Technorati Tags: avoid foreclosure, commercial loan modfication, commercial short sales, short sale commercial

What Is a Commercial Loan Review Used For?

CLR Staff — Sun, 20 Jun 2010 14:12:36 +0000

For business and property owners who are in need of a commercial loan modification to save them from foreclosure, it is very important that they request for a commercial loan review. Through the amendment of the original loan or mortgage agreement, a bank or a lender may approve of lower interest rates on the mortgage, payment mortification, and a reduction on the outstanding balance as well as other benefits. With these amendments to the original loan agreement, the property owner is provided with enough breathing room to work out their finances throughout the tough economic situation.

To prepare for the negotiations for a commercial loan workout, the property owners would normally hire a commercial loan expert who would be the one to study the mortgage and financial paperwork as well as the current financial standing of the property owners. This is done in order to find out if a commercial loan modification or commercial short sales would be some of the best options to avoid foreclosures on the properties that are mortgaged.

A commercial loan review would ensure that the business and property owner would be able to present their case as effectively as possible to the creditors. After stating the intentions of the property owner the banks or the lenders would also conduct their own review in order to pre-qualify the applicant. This review done by the lenders would depend on the borrower’s payment records, current financial standing as well as several other factors. The findings would then be used by the lenders as a basis for their decision on whether or not to continue further negotiations with the property owner.

Technorati Tags: commercial loan modification, commercial loan review, commercial loan workout, commercial short sales