residential realestate
Commercial loan modification.Do I qualify?#loanmodchat on Twitter.Transcript 01/19/10
January 21, 2010 by mortgagelawyers · Leave a Comment
| 9:06 pm | MoneywiseUS: | Hello everyone! Thank you for participating in #loanmodchat. Today we discuss: #commercial #loanmodification. #loanmodchat |
| 9:06 pm | MoneywiseUS: | Today we discuss: #commercial #loanmodification. Do you qualify? #loanmodchat |
| 9:07 pm | PlugInSocialM: | Well hi! #loanmodchat |
| 9:08 pm | MoneywiseUS: | Please post your questions and experiences about #commercial #loanmodification . Don?t forget to put at the end #loanmodchat. #loanmodchat |
| 9:09 pm | DebbyTurner55: | hi guyz! so will there be any questions about commercial #loanmodification? Or it’s just free conversation? #loanmodchat |
| 9:10 pm | GotMortgageSLC: | hello from the ATL #loanmodchat #loanmodification |
| 9:10 pm | DebbyTurner55: | DebbyTurner55 why are banks interested in commercial #loanmodification? #loanmodchat |
| 9:11 pm | PlugInSocialM: | Well hi @GotMortgageSLC #loanmodchat |
| 0:11 pm | DebbyTurner55: | forgot to post #loanmodchat at the end! |
| 9:12 pm | MoneywiseUS: | #Loan restructuring is pushed by Federal Reserve & FDIC, because they know that this will lead to better results for everyone #loanmodchat |
| 9:12 pm | PlugInSocialM: | Banks cooperate b.o.There is a high risk of #distressed #commercialloans turning into a second wave of #foreclosures. #loanmodchat |
| 9:12 pm | GotMortgageSLC: | Maybe to learn how they are being worked? or to reduce their own monthly liabilities? #loanmodchat #loanmodification |
| 0:14 pm | DebbyTurner55: | @GotMortgagesSLC you mean CRE interested in #loanmods to reduce their monthly liabilities #loanmodchat |
| 9:14 pm | GotMortgageSLC: | Are their 112 people signed on to this chat? #loanmodchat #loanmodification |
| 9:15 pm | PlugInSocialM: | This CRE #foreclosure wave may be even worse than #residential #realestate crisis #loanmodchat |
| 9:16 pm | PlugInSocialM: | @GotMortgageSLC not sure abt 112, but will be happy to hear more opinions  #loanmodchat |
| 9:17 pm | GotMortgageSLC: | Stop paying it till it’s charged off? #loanmodchat #loanmodification |
| 9:18 pm | DebbyTurner55: | @GotMortgageSLC: #loanmodchat Defionitely CRE owners are interested in #loanmodifications, but banks are not always! |
| 9:18 pm | MoneywiseUS: | #Banks now are willing to work with #commercial #borrowers to avoid numerous bankruptcies and foreclosures #loanmodchat |
| 9:19 pm | MoneywiseUS: | This #foreclosure wave may be even worse than #residential #realestate crisis #loanmodchat |
| 9:19 pm | PlugInSocialM: | @MoneywiseUS. Yep That’s true. No one is interested in getting into now #commercial realestate crisis #loanmodchat |
| 9:20 pm | MoneywiseUS: | Banks will rather modify #commercialloan & save a lot of money the could?ve spent on the #foreclosure process #loanmodchat |
| 9:20 pm | PlugInSocialM: | @GotMortgageSLC What charged off ? #loanmodchat |
| 9:21 pm | KevWelch911: | How do I know if I qualify for #commercial #loanmodification? #loanmodchat? |
| 9:22 pm | KevWelch911: | I mean my mortgage on commercial #real estate #loanmodchat? |
| 9:23 pm | PlugInSocialM: | well, there ceratin instruments to evaluate your CRE mortgage & to figure out if it’s possible to modify it #loanmodchat |
| 9:23 pm | KevWelch911: | RT @MoneywiseUS: Banks will rather modify #commercialloan & save a lot of money the could?ve spent on the #foreclosure process #loanmodchat |
| 9:24 pm | MoneywiseUS: | @ KevWelch911 You qualify for #commercial #loanmodification you experiencing hardship: like low occpancy rate reduced cashflow #loanmodchat |
| 9:24 pm | KevWelch911: | RT @MoneywiseUS: This #foreclosure wave may be even worse than #residential #realestate crisis #loanmodchat |
| 9:25 pm | MoneywiseUS: | @ KevWelch911 #loanservicer considers payment history, the flow of cash into your business, the condition of the market #loanmodchat |
| 9:25 pm | PlugInSocialM: | RT @KevWelch911 You qualify for #commercial #loanmodification you experiencing hardship:like low occpancy rate reduced cashflow #loanmodchat |
| 9:26 pm | PlugInSocialM: | Also as was told b4 ballon that came due is also a #hardship #loanmodchat |
| 9:26 pm | MoneywiseUS: | popped #balloon #mortgage is also considered a hardship #loanmodchat |
| 9:27 pm | DebbyTurner55: | Also as far as I know certain ratios are taken into acct, when considering commercial loan for #loanmodification? #loanmodchat True? |
| 9:28 pm | MoneywiseUS: | #Loan servicer performs analysis that will show in which case investors get more incentives. what is more beneficial 4 them #loanmodchat |
| 9:28 pm | PlugInSocialM: | @DebbyTurner55 Yes that’s true. #loanmodchat |
| 9:30 pm | PlugInSocialM: | RT @MoneywiseUS #Loan servicer performs analysis that will show in which case investors get more incentives. #loanmodchat |
| 9:31 pm | PlugInSocialM: | @MoneywiseUS I agree servicers don’t want to drown in the amnt of CRE foreclosures #loanmodchat |
| 0:31 pm | MoneywiseUS: | but you just can?t pay the entire balance due on ur balloon #mortgage your #loan will be renewed and or modified #loanmodchat |
| 9:32 pm | PlugInSocialM: | By the way Q3: Is it possiible to modifycommercial #loan by yourself? #loanmodchat |
| 9:32 pm | PlugInSocialM: | By the way Q3: Is it possiible to modify commercial #loan by yourself? #loanmodchat |
| 9:32 pm | GotMortgageSLC: | @MoneywiseUS Is the criteria for an approved commerical mod and residential mod based on hardship that different? #loanmodchat #loanmodchat |
| 9:33 pm | DebbyTurner55: | Yes a lot of businesses have hardships right now. CRE owners have a lot of office spaces unrented out #loanmodchat |
| 9:34 pm | PlugInSocialM: | #CRE hardship and residential harships are different. So the criteria should be different. #loanmodchat |
| 9:35 pm | MoneywiseUS: | @GotMortgageSLC Are U asking me if the guidelines for approval of residential loan mods and commercial loan mods r different? #loanmodchat |
| 9:36 pm | KevWelch911: | @DebbyTurner55 I also know that office prices 4 rent went down 40% since 2007. Can you imagine the magnitude of the crisis #loanmodchat |
| 9:37 pm | MoneywiseUS: | In commercial loan mod, there are many more situations that will considered to be a hardship. Not only loss of income #loanmodchat |
| 9:37 pm | PlugInSocialM: | @GotMortgageSLC i would say that the processes are also different. I mean the negotiation. #loanmodchat |
| 9:39 pm | KevWelch911: | @MoneywiseUS I still don’t nderstand if the profits are going down and you haven’t got enough money to pay the mortgage 4 CRE #loanmodchat |
| 9:39 pm | MoneywiseUS: | @PowerSocialM yes its possible. But u must understand #loanservicers will only go 4 comprehensive discussions based on facts #loanmodchat |
| 9:39 pm | KevWelch911: | @MoneywiseUS #loanmodchat will the property be foreclosed? |
| 9:40 pm | GotMortgageSLC: | @PlugInSocialM Yes different, However does the borrower have to be late or demonstrate eminent default?#loanmodchat #loanmodchat |
| 9:40 pm | MoneywiseUS: | “Commercial #loanmodification.Do you qualify?”Join us 4 #loanmodchat NOW.To know how to join read here http://tinyurl.com/yaf9sof |
| 9:40 pm | MoneywiseUS: | #commercial #loanmodification is a lot more technical in negotiation than #residential. #loanmodchat |
| 9:41 pm | PlugInSocialM: | @GotMortgageSLC I mean the arguments you could use for #residential #loanmods not necessary will work #loanmodchat |
| 9:42 pm | PlugInSocialM: | for #commercial #loanmod #loanmodchat |
| 9:42 pm | GotMortgageSLC: | @MoneywiseUS What kind of situations are considered hardship other than obvious lack of working capital? #loanmodchat #loanmodchat |
| 9:43 pm | PlugInSocialM: | hmmm split the answer in 2 parts and now it’s unclear. #loanmodchat |
| 0:44 pm | MoneywiseUS: | Eminent default, if demonstrated properly usually will be accepted. But Once again, commercial loan mods done on case by case #loanmodchat |
| 9:45 pm | KevWelch911: | ok. all my #loanmodchat vanished  |
| 9:45 pm | MoneywiseUS: | @GotMortgageSLC too many 2 list. most obvious are lower occupancy rates, low market rent, reduced cash flow #loanmodchat |
| 9:46 pm | GotMortgageSLC: | @PlugInSocialM Less revenue = lack of working capital = struggling to make monthly obligations #loanmodchat #loanmodchat |
| 9:46 pm | PlugInSocialM: | @KevWelch911 I use Tweetchat updates are more frequent and nothing vanishes and #loanmodchat put at the end automatically #loanmodchat |
| 9:47 pm | MoneywiseUS: | And what I deal with more and more often: balloon mortgage that came due (called note) and inability to refinance #loanmodchat |
| 9:47 pm | GotMortgageSLC: | @MoneywiseUS Don’t they all take you to the same place……lack of revenue to cover expenses? #loanmodchat #loanmodchat |
| 9:49 pm | MoneywiseUS: | they are, but not all of them come from the same place. Financial Hardship is a financial hardship #loanmodchat |
| 9:49 pm | PlugInSocialM: | @GotMortgageSLC It’s also necessary to analyze the docs properly.80% of commercial loans were done with flaws #loanmodchat |
| 9:50 pm | MoneywiseUS: | GotMortgageSLCthey are, but not all of them come from the same place. Financial Hardship is a financial hardship #loanmodchat |
| 9:51 pm | PlugInSocialM: | I wouldn’t try tomodify #commercial loan without #realestate lawyer and forensic loan analysis #loanmodchat |
| 9:52 pm | MoneywiseUS: | @GotMortgageSLC ere is a different one 4 you: note comes due (popped ballon) and client cant refinance due to various reasons, #loanmodchat |
| 9:52 pm | GotMortgageSLC: | @MoneywiseUS What is the most common factor that a lender would deny a modification on a commercial property? #loanmodchat #loanmodchat |
| 9:53 pm | PlugInSocialM: | Is it possible for the owner to modify the #commercial loan by himself? #loanmodchat |
| 9:54 pm | KevWelch911: | @PlugInSocialM: Also it’s possible to negotiate abt balance reduction. Because in 2007 prices were way too high #loanmodchat |
| 9:54 pm | MoneywiseUS: | @GotMortgageSLC or another one4 u inability to refi & get cash, needed to do certain expansion in order to continue performing #loanmodchat |
| 9:56 pm | MoneywiseUS: | @GotMortgageSLC negattive NPV I guess #loanmodchat |
| 9:57 pm | MoneywiseUS: | @GotMortgageSLC at least the one i came across #loanmodchat |
| 9:58 pm | KevWelch911: | @PlugInSocialM: Will use the Tweetchat next time. Thanx @moneywiseus. #loanmodchat. Will write u with questions on email |
| 9:59 pm | MoneywiseUS: | @GotMortgageSLCor failure to demonstrate how modification will reduce hardship #loanmodchat |
| 10:00 pm | PlugInSocialM: | If the NPV of the modified loan is lower than the NPV of the loan left as is, servicer will decline the borrower?s request #loanmodchat |
| 10:01 pm | MoneywiseUS: | @GotMortgageSLC but once again, when it comes to comercial loan mod it is diferent from residntial. #loanmodchat |
| 10:02 pm | DebbyTurner55: | @MoneywiseUS WHAT IS NPV!!!!! #loanmodchat |
| 10:03 pm | MoneywiseUS: | @PowerSocialM Q3: Is it possiible to modify #commercial #loan by yourself? Yes it is possible. #loanmodchat |
| 10:03 pm | PlugInSocialM: | @DebbyTurner55 NPV-Net present value #loanmodchat |
| 10:04 pm | MoneywiseUS: | But you have to understand that #loanservicers will only go for discussions that are comprehensive, based on facts, data et #loanmodchat |
| 10:05 pm | MoneywiseUS: | #commercial #loanmodification is a lot more technical in negotiation than #residential so its recomended that u get an attorney #loanmodchat |
| 10:05 pm | PlugInSocialM: | npv=net present value #loanmodchat |
| 10:05 pm | MoneywiseUS: | OK, it’s 10PM Thank you all for attending #loanmodchat today: Our next #loanmodchat will be on Tues 01/26 at 9 pm EST #loanmodchat |
| 10:05 pm | GotMortgageSLC: | @MoneywiseUS What would the lender gain by modifying the commercial loan if the NPV will not produce modified requirements?? #loanmodchat |
| 10:06 pm | MoneywiseUS: | Next Tuesday we?ll discuss #Commercial #Loan Review at 9 pm EST. #loanmodchat |
| 10:06 pm | MoneywiseUS: | Anyone who wants/needs more info on commercial (or residential) loan mod pls visit our site @ www.mortgagelawyers.us #loanmodchat |
| 10:07 pm | MoneywiseUS: | If you want to get a #Free CONSUMER Commercial Loan Modification Guide go here http://tinyurl.com/yba7ryh #loanmodchat |
| 10:09 pm | PlugInSocialM: | ok bye than. thanx 4 conversation @moneywiseus #loanmodchat |
| 10:09 pm | MoneywiseUS: | GotMortgageSLC Sorry, its all time we got 4 today. If you got more questions U want to ask me go 2 www.mortgagelawyers.us #loanmodchat |
| 10:10 pm | MoneywiseUS: | @GotMortgageSLC my email is on site #loanmodchat |
