What are commercial mortgage modifications?
A loan modification on a business mortgage involves changing the existing loan terms of your debt so that it isn’t such a hardship for you to pay back. There are several ways that a loan modification can achieve this. Most involve reducing the monthly payment or extending the term on your existing commercial mortgage debt by adding more time before an amount comes due. These changed terms can allow the owner of a commercial property to continue ownership despite financial hardship. Working with commercial real estate lenders on a mortgage modification may be a preferred outcome rather than allowing the commercial real estate lender to foreclose and take possession of the property.
What are the benefits of loan modifications?
A commercial mortgage loan modification can help you reduce your monthly payments and interest rate, protect assets against foreclosure or bankruptcy proceedings, and give you more time to get back on track. There are several different types of modifications that may work for your situation depending on whether you have defaulted on other debts or have other negative credit issues on record.
Who can get a commercial mortgage modification?
Commercial mortgage modifications are a potential option for business owners who currently have a loan from one of the many commercial real estate lenders and are struggling to make regular payments. The better your credit history is, the more likely you are to qualify for a loan modification.
If you are struggling to meet your business bills, your credit rating may reflect these damaging issues. So don’t wait until you have a long history of late or missed payments.
When should borrowers apply for commercial loan modifications?
There may not be a one-size answer to this question. If you have been late on some payments or your credit score is low, it may make sense for you to apply for a loan modification as soon as possible. If you think you may need assistance with your current commercial real estate financing, click the banner below and book your free consult.
A loan modification on a business mortgage involves changing the existing loan terms of your debt so that it isn’t such a hardship for you to pay back. There are several ways that a loan modification can achieve this. Most involve reducing the monthly payment or extending the term on your existing commercial mortgage debt by adding more time before an amount comes due. These changed terms can allow the owner of a commercial property to continue ownership despite financial hardship. Working with commercial real estate lenders on a mortgage modification may be a preferred outcome rather than allowing the commercial real estate lender to foreclose and take possession of the property.
What are the benefits of loan modifications?
A commercial mortgage loan modification can help you reduce your monthly payments and interest rate, protect assets against foreclosure or bankruptcy proceedings, and give you more time to get back on track. There are several different types of modifications that may work for your situation depending on whether you have defaulted on other debts or have other negative credit issues on record.
Who can get a commercial mortgage modification?
Commercial mortgage modifications are a potential option for business owners who currently have a loan from one of the many commercial real estate lenders and are struggling to make regular payments. The better your credit history is, the more likely you are to qualify for a loan modification.
If you are struggling to meet your business bills, your credit rating may reflect these damaging issues. So don’t wait until you have a long history of late or missed payments.
When should borrowers apply for commercial loan modifications?
There may not be a one-size answer to this question. If you have been late on some payments or your credit score is low, it may make sense for you to apply for a loan modification as soon as possible. If you think you may need assistance with your current commercial real estate financing, click the banner below and book your free consult.
