While you may understand some aspects of the loan workout process, you may not know all of your rights. We feel it is better to at least be educated before deciding to go through with the process on your own. Although you may want to have complete control of your situation or not want to pay more out of pocket to find help, realistically you could be costing yourself more distress by taking the reins. You’ll experience much less pressure if you can remain out of direct communication with your lender – let us tell you why. Continue reading “5 Pitfalls of trying to do a workout with your lender on your own” »

Many residential modification firms are rushing into the commercial space due to the Senate Bill 94, which protects homeowners from scamming residential loan modification firms.  The problem with these residential modification firms coming into the commercial space is that they do not have experience we do.  Residential and commercial real estate workout firms specialize in different entities; they have different industry forecasts and different rules and regulations.  Most residential modification deals require very little negotiation upon the modification firm.  Residential modification firms essentially send in a package that has been underwritten according to the guidelines of Freddie or FHA and approved by the loan modification company before being sent to the lender.  Because of the simplicity of this process, many companies claim a ludicrously high success rate. Accordingly, the work was easy as long as someone knew how to fill out the paperwork correctly. Continue reading “The rush of residential modification firms into the commercial space and why this is a bad idea” »

When facing a stressful loan situation, especially one in which you may lose your asset completely, your initial reaction might be to contact your attorney. Most people seek the advice and assistance of their lawyers because they believe no other options exist – at least none which could help them save face. They end up exhausting their bank accounts by putting the fate of their properties in the hands of someone with a professional legal background. In reality, however, allowing their attorney to handle your financial affairs could be detrimental for numerous reasons. Continue reading “Problems that can arise when your attorney gets involved in early stage negotiations with your bank” »