Loan Modifications
Loan Modification is the process of modifying or re-writing the terms of an existing loan to a payment that you can afford. This is NOT refinancing in the traditional method. There are many forms of Loan Modifications and you need an expert to present a compelling and creative solution.
Lenders normally require an extensive financial package portraying the borrower's current financial hardship while being compelling enough to convince the lender that the borrower will be able to make timely payments as set forth in the newly modified agreement. There are many types of "Loan Workout" agreements between lenders and the existing note holder (Borrower).
Another type of loan workout is called Forbearance. If you are unable to meet your repayment schedule but are not eligible for a deferment, you may receive forbearance for a limited and specified period. During forbearance, your payments are reduced, or in some cases, postponed. Sometimes a lender will authorize a Deferment, allowing you to temporarily postpone payments on your loan. This gives the borrower some breathing room. The lender must be convinced that the borrower will be able to continue to make timely payments.
I recommend the following Company to help you negotiate your Loan Modification: Interest Rate Police, Inc. http://www.interestratepolice.com/loanmodification.html or call them at (877) 594 - 6366
Hard Money Lenders Still Lending in California
It has been a rocky road this 2008. Many private money lenders have disappeared or have gone into hiding. However, several are still lending and have actually grown 20-25% this year. This is due to experience and quality of service. The hard money and private lending landscape is changing daily. It is imperative that you work with an experienced hard money originator/servicer. Rockland Commercial, Inc. is one of those companies. They have over 200 private investors that they place into new deeds of trust and service the debt. In addition, they have maintained working relationships with the private money funds that are still lending and these private relationships are hard to find and hard to keep. You can find Rockland Commercial, Inc. at http://www.rocklandcommercial.com or call them at (800) 572-4080Good Luck,
Private Money Guy
