If you are a commercial property owner in default and facing foreclosure, you may consider your mortgage lender the last place to turn for help.
The fear of asking for help and being rejected is understandable. But if you give it a try, you may get a response you do not expect.
Indeed, the very first step to getting the help you need is to ask for it.
But before you pick up the phone, spend some time preparing for your conversation with the lender.
Consider what you will say and the type of help you will ask for.
- How has your business changed since you obtained the mortgage?
- What are your monthly income and expenses?
- Can you afford a smaller loan payment?
- Do you want to modify the mortgage and/or lower the interest rate?
- Do you want to sale the property? Perhaps a short sale?
These are all questions you may be asked at one point or another. Take time to prepare yourself because you may be offered more help than you expect.
Keep in mind, the lender would rather help you avoid foreclosure and keep your property.
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You can always email our real estate lawyers with questions you have, or give us a call at (954) 779-7009 to schedule a consultation.
Tags: Commercial, mortgage lender
