If you're struggling to make payments on your commercial property, you may be on the brink of foreclosure. Instead of doing nothing and losing what you worked so hard for, you need to get help from a foreclosure attorney. The qualified professional can help out in many ways.
Modify Existing Loans
The sooner you seek help from a foreclosure attorney, the better chance you have of preventing foreclosure. That's because this professional can help you modify the existing loan that's on your commercial property. This process is known as loan modification.
It seeks to modify the loan terms, particularly in regards to the monthly payments you have to make. Using their excellent negotiating skills, foreclosure attorneys can work with lenders to create a monthly payment plan that works better for your financial situation. Once a new loan is proposed by the lender, your attorney will analyze it to make sure it works financially long-term.
You usually have the option to undergo mediation with the lender or bank that's backing your commercial property. However, going into these negotiations alone is scary and you probably don't know what tactics to employ.
A foreclosure attorney can act as the mediator and represent your best interests, to ensure this entire process goes as smoothly as possible. Although mediation doesn't automatically stop foreclosure, it betters your odds of working out a solution with the lender or bank.
Your attorney may get the lending party to agree to a short sale, for example. This basically means selling the property to a third party for less than the remaining debt on the loan.
Negotiate a Forbearance Agreement
If there are valid reasons why you're not able to make payments on your commercial property every month, your foreclosure attorney can help negotiate a forbearance agreement. Under this agreement, you won't have to make payments for a short period of time.
Your foreclosure attorney will come up with a reasonable justification as to why you deserve a forbearance agreement. Some of the most commonly used justifications include upcoming lengthy medical procedures, military deployment, and mental anguish. Your attorney will gather the necessary evidence to substantiate whatever claim you're making, bettering your odds of approval.
Faced with foreclosure, you may not know what to do as a business owner. You can take some of this pressure off your shoulders, though, by working directly with a foreclosure attorney. They are extremely knowledgeable and can facilitate negotiations to prevent foreclosure from affecting your business.