Commercial Loan Modification Services

Commercial loan modification companies offer a variety of services to business property owners facing foreclosure

. Unfortunately, these services often fail to produce the results they promise. In most cases, the services that commercial loan modification services can offer will be limited to document review and lender negotiations.

While these services are important, they are not often enough to secure a modification. In terms of document review, many of these commercial loan modification services are operated and staffed by former members of the lending industry, so a borrower has no idea if their expert is reviewing documents with a trained legal eye or the eye of a former loan officer. If the expert uses the same training from years in the lending industry, then the borrower may find that multiple pieces of predatory lending evidence go unchecked or unnoticed.

With negotiations, borrowers dont know how hard their commercial loan modification experts are trying to modify their loans. Non-attorney experts or consultants lack the ability to file a lawsuit against the lender on behalf of their client, often leaving their hands tied and forcing them to accept terms of a loan modification that dont really favor their clients at all. An attorney, on the other hand, can go from negotiator to litigator if the lender refuses to budge and they feel their client has a solid case.

Companies that offer commercial loan modification services to business property owners will leave their clients to fend for themselves of negotiation efforts are not successful. This means that the borrower who still wants to save their property must now find an attorney who can help them fight the foreclosure, give the attorney time to review the facts of the case and learn the specific financial situation of the borrower, all the while the lender is pushing to foreclose. This wasted time can end up costing the borrower their property if they are not careful. Even if a loan modification company offers a money back guarantee, the borrower will still have to wait for their money to be returned (assuming it is returned at all) and their property will still face foreclosure. Many borrowers would rather be able to keep their property rather than get their money back for a failed service.

Another scary aspect of non-attorney operated commercial loan modification services is how easy it is for one to establish such a business. While attorneys must first prove themselves in law school before being allowed to take the exam that will allow them to practice law, little to no educational requirements exist for non-attorney loan modification experts before they are allowed open up shop. In most jurisdictions, a person can go from selling television sets at a department store to running a loan modification company in a matter of a few days, no experience required.

Commercial loan modification services often offer low cost results or your money back. This might sound like a good deal, but remember that being awarded a full refund usually means that your property is still in pre-foreclosure status. If a company cant offer a service that sticks with the borrower to the very end, the borrower isnt getting much of a deal. If saving a few dollars now costs the borrower their property later, they didnt get a good deal at all. Besides, many foreclosure attorneys offer payment solutions for financially struggling borrowers. If they didnt, there wouldnt be any foreclosure attorneys in business.

by: Timothy McFarlin

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