Mortgage loan modification?

Aug 19, 2009 in Commercial Property Loans

Do you think a mortgage co. is likely to do a loan modification on a commercial property to avoid foreclosure?

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2 comments

michael_s_powell on August 19, 2009 at 2:31 am

They can be beneficial if you are dealing directly with the institution that is servicing the loan. The 3rd parties are just scheming of what you can do for yourself. I have been a direct GNMA lender/servicer for 17 years. I have seen more modifications ( legit ) in the last year then in all the last 17.

We do not want to foreclose. No matter the MI (mortgage Insurance) we will still lose 12-25% depending on the type of loan market area esc.

Contact your lender directly.
Ed Atun on August 19, 2009 at 2:31 am

Probably. The usual offer would be for you to make no payments for 6 months. That amount would be added to the loan balance.
The main complaint is that this is not much of a "modification". Nothing is being forgiven..

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