Get What you Pay For in a Commercial Loan Modification Service
When businesses face foreclosure, a commercial loan modification service often offers a way out. Many of these services offer to negotiate with lenders, review mortgage documents, and to offer general assistance in avoiding foreclosure. While many of these services are run by honest business people, many still are not.
A business person on the verge of foreclosure doesn’t have time to waste with what might be a potential scam. The business person must make an honest assessment of the services they will pay for before handing over their hard earned (and often dwindling supply) of money. Many of the services that are available to struggling business owners simply can’t provide the amount of assistance that is proportionate to the prices they charge.
If an individual is going to attempt a loan modification, it is recommended that they go through a commercial loan modification service provided by an attorney employed by an actual law firm.
Some commercial loan modification service offers are made by non-attorney consultants who are usually members of a team of consultants under the direction of a few attorneys. In many cases, these consultants share a portion of the legal fees with the attorney and more often than not act as the liaison for the borrower and the attorney. So many of these companies have been revealed to be scams that many jurisdictions have made it illegal for attorneys to split their fees with non-attorney “consultants”. It is important for business owners to understand that this type of company is not conducive to a healthy attorney client relationship because, more often than not, the attorney will have little to no knowledge of the business owner’s individual case since he or she will be handling several cases at once. When a business person pays for an attorney, the business person deserves to work one on one with the attorney. Not only does this maintain the privilege that exists between attorneys and clients, it also ensures the words of the client are not twisted or mistaken by a middle-man consultant. Again, many of these consultants may be very hard working and very honest people, but when a business foreclosure is looming on the horizon, the business owner doesn’t want to take a chance on anything that may ruin them financially.
It is also important for a commercial loan modification service to be able to represent the business person in court, should the case go to trial. Non-attorney operated services simply can’t provide this service, leaving the business person to have to search for an attorney on their own time and having to explain their trouble all over again. This sort of time is not something that the business person facing foreclosure can spare. Even services that employ a few attorneys and a dozen or so consultants run into the same trouble mentioned above: the attorney simply won’t have intimate knowledge of the case and therefore will not be the most prepared to take the case to trial. Companies that employ middle-man consultants often have the consultant negotiate with the lender, and if that fails, the attorney will take the case to court. How compelling of an argument can the attorney make when they don’t even know the specifics of the negotiations? These are all factors that the business person serious about saving their business must consider before dedicating themselves to the assistance of any single commercial loan modification service.Post Tags: Commercial Loan Modification, Loan Modification, Loan Modification Service