As the economy has entered a prolonged recession, more and more businesses are experiencing difficulty meeting their financial obligations on commercial real estate and business loans. As the alarming number of defaults has increased, Professional Loan Consultants, Inc. has assembled a team of experienced mortgage bankers, attorneys and consultants that specialize in commercial loan restructuring to help you re-negotiate the terms of commercial mortgages in order to avoid defaulting on the loan and obtain more favorable terms with your lender.
Regardless of which business you are in, Professional Loan Consultants, Inc. will structure an individualized loan proposal to help your business obtain the best results from your lender. Our goal is to minimize your payments and help you maximize your operating cash flow. Our team of professional consultants and attorneys possess extensive experience in commercial and business loans and negotiating loan modifications with various lenders.
During the foreclosure process, a homeowner’s credit can deteriorate rapidly. Often times, the credit bureaus report several inaccuracies on the homeowners credit which causes drastic reductions in FICO credit scores. Professional Loan Consultants, Inc. can assist you to challenge the credit bureaus to remove adverse information appearing on the credit report. Clients who undergo this credit repair often see significant improvement in credit scores while deleting negative items form the credit reporting agencies.
There are times in life when circumstances may prevent you from paying your bills. Divorce, loss of job, medical bills or even the loss of a loved one can start a chain reaction that is difficult to stop. As bills pile up, debts go unpaid causing you to fall further and further behind. Professional Loan Consultants, Inc. works with creditors and collection agencies to stop their harassing phone calls through debt settlement negotiations. A debt settlement negotiation is a means for resolving debt obligations through partial payments to creditors. Creditors may be willing to accept a portion of the debt to satisfy obligations.
This is the process involving deeding the home back to the lender. The homeowner gives the lender a properly prepared notarized deed and the lender forgives the mortgage. This effectively cancels all foreclosure actions. This would be a suitable solution for a homeowner who does not wish to keep their current residence.
A forbearance agreement is a repayment plan between you and your lender. Under a forbearance agreement you might be able to get a reduction in the monthly mortgage payment, a suspension of the payment schedule, or a temporary waiver of your delinquent payments. The objective of the plan is to allow you to cure your default over a period of time, reinstating your mortgage while allowing you to maintain your normal living expenses.
Foreclosure, as applied to residential mortgage loans, is the process when a bank or other secured creditor sells or repossesses a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs.
A forensic investigation is a thorough examination/audit of your original loan documents which will identify violations committed by your lender and/or broker when they originally funded your loan. The goal of a forensic audit is to determine whether there were any Federal Truth-In-Lending violations in your mortgage documents. If any violations are found, the borrower may be eligible for complete relief of the predatory loan or a very favorable loan modification.
The Home Affordable Modification Program is the Obama Administration’s new loan modification program aimed at sustaining communities by providing homeowners with affordable loans. HAMP is based on the simple fact that foreclosures are costly for nearly all involved: homeowners, mortgage lenders and investors, and communities across the country. The program requires servicers to do what is in the best interest of their customers—lenders and investors—by requiring them to offer modifications in a consistent manner on all loans for which they are responsible when modification maximizes the net present value of a mortgage compared to foreclosure.
The program, in short, aligns the interests of borrowers, lenders and investors when foreclosure is clearly not preferable to loan modifications for any of them, and helps stabilize housing prices in communities nationwide.
A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan which allows the loan to be reinstated and results in a lower payment the homeowner can afford. This is an excellent way to stop foreclosure for anyone who wants to keep their home and can’t afford their mortgage payments. Loan modifications also help protect homeowner’s credit while making the home affordable.
Loss Mitigation is typically referred to a third party that handles the process of negotiation between a homeowner and the homeowner's lender. Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure. These new terms are typically obtained through loan modification, short sale negotiation, deed-in-lieu of foreclosure or other loan work-out. All of the options serve the same purpose, to stabilize the risk of loss the lender (investor) may potentially realize.
Principal reduction is when the lender or lien holder agrees to reduce the balance of the loan remaining on the property
REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. As soon as the bank repossesses the property, it is listed on their books as REO - Real Estate Owned - and is categorized as a non-performing asset. These are foreclosed homes that the bank tries to sell on their own, typically through auction process.
Reverse Mortgage to Stop Foreclosure
A reverse mortgage is a way to tap into the equity of your home without selling the house. Homeowner gets money from a lender and generally doesn’t need to pay it back as long as the homeowner lives in the house. These mortgages are heavily regulated by the Federal Trade Commission and are a safe approach to preventing foreclosure.
A short sale is a great way to prevent foreclosure if you owe more on your house than it is currently worth. If your mortgage company agrees to a short sale, you can sell your home for the current market value and your lender will accept that amount as payment in full on your mortgage. Professional Loan Consultants, Inc. works helps negotiate a short sale with your lender so you are not responsible for the difference between the sale amount and the current amount of your mortgage.
If you have any questions you would like to ask or would like Professional Loan Consultants to assist you with your property, please contact us by dialing 1-630-286-9276.
