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Best Nationwide Loans
620 NewPort Center Drive, Suite 1100
NewPort Beach, CA 92660
Toll Free: 888-801-3000
Fax: 949-313-1292
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Home  Loan Modification |
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Loan Modification
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Loan Modification |
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Are you facing financial difficulty?
The nation is experiencing severe recession, and with retail market suffering, tenants on commercial properties are having a difficult time paying their rents.
They are defaulting on their leases at an alarming rate. Because of this, more and more commercial property owners are having trouble meeting their obligations.
These factors are causing commercial property values to decline substantially, and we do not see a recovery until late 2011. The commercial lenders cannot handle the volume and size of defaults, and are willing to renegotiate the terms of the Loan.
We will try to understand exactly what your financial situation is, how much your property has declined in value, by what amount, and how much you can afford to pay each month. We look at possibilities of Principal reduction.
We audit and crunch the numbers before they get to your Lender. Where other companies are using inexperienced representatives, we have highly experienced agents, attorneys and appraisers. We have a well connected network to help us achieve the best possible result for your particular situation.
Qualification requirements for a Loan Modification
There are specific factors that determine if you are eligible for a loan Modification. The primary factors are the type of property, percentage of positive or negative Equity, income, and what type of hardship you are experiencing. Every case is unique.
We will walk you through with all the forms that are needed for completing your loan modification such as Financial Statements, Business Plan and Projection, and hardship letter.
Can I do it myself?
You can try to negotiate on your own, but because you do not know exactly what the lender is looking for and what formula they use, you are much more likely to get your application denied. Even if accepted, you will most likely not receive the lowest rate and the best terms. With a professional negotiator on your side, you have the best chance of receiving the most favorable terms. Our team has nearly twenty years of experience in commercial lending. Due to existing relationships with most lenders, we know precisely what they are looking for and what formula they use. Documentation that is needed for loan modification
- 2 months of business and personal bank statements for all borrowers and guarantors
- Personal financial statement for all borrowers and guarantors
- 2008 business financial statements for all borrowers and guarantors
- Details of your business debts (Business Debt Schedule)
- Signed authorization form
- Signed 4506T
- Copies of last year personal and business Federal tax returns for all borrowers and guarantors
- Current rent roll for the subject property (if multi-tenant or non/owner occupied))
- Any new or modified leases since origination of Loan.
- Hardship letter (this should explain your current hardship and your need for a loan modification)
- Business Plan/Projection for current year and beyond (what are the plans to keep the business running successfully)
You are not alone. Millions of people work hard every day to pay relentless bills, one after the other. The largest bill for most people is their Mortgage payment. The stress over not being able to make your mortgage payment may seem unbearable, but there are actions you can take and we are here to help.
We understand it is frustrating to sit on the phone with your lender, explain your situation over and over again, hold for hours only to be disconnected and start all over again. The process is overwhelming to say the least. Our job is to do the hard work and mediate with your lender on your behalf to lessen your financial burden.
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Today's Rate |
4.625%
Fixed Rate |
| * 4.881% APR. The displayed annual percentage rates (APRs) include total Points and additional prepaid finance charges but do not include other Closing Costs. On adjustable-rate loans, rates are subject to increase over the life of the Loan. |
| Call: 888-801-3000 or Apply Online |
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