In these difficult economic times many families find themselves in the position of struggling to pay their monthly home mortgage obligations. At the same time, many mortgage lenders find themselves owning a large inventory of foreclosed properties, with not enough buyers to help them to reduce their inventory to cash. Banks are not primarily in the business of owning real estate.
This fact coupled with a number of lender liability lawsuits and government incentives to mortgage lenders to work with their troubled borrowers has led to greater possibility of working with lenders to modify the terms of an existing, yet troubled, mortgage. Loan modification, or “workout”, is one of the many tools available to borrowers looking to avoid foreclosure and stay in their homes.
Loan modification is a tool available to other troubled borrowers as well. Many small businesses find themselves with short term cash-flow problems which, if left unchecked, can result in a long term problems.
Commercial loans to small businesses, whether guaranteed by the Small Business Association or not, come with far fewer protections than do personal loans. It is very important that small business owners be honest with themselves and their lenders if they are on a course for poor financial performance. Loan workouts for small businesses and their owners can help a small business to afloat and keep both the business, and often its owners, out of bankruptcy.
Attorney James Wingfield of the Law Offices of James Wingfield is experienced in negotiating both personal loan modifications and small business loan modifications agreements on the side of both lenders and borrowers. As a result Attorney Wingfield brings a unique perspective to troubled borrowers in seek of a modification.
Call the Law Offices of James Wingfield at 508-797-0200, visit our contact page or email us today to schedule a consultation.