I've been reading so much helpful information on this site. It's amazing for people like me who are having problems but don't have reliable information. Thanks guys keep up the good work!
Long story short, we got a NOD on a commercial property loan that we had. Was originally a $615,000 mortgage six years ago, and now with everything said and done, current principal balance is $440,000...current total balance is $514,000 (5 late payments+interest).
I've been trying to get a remodification with the bank for a while, but from the vibe I've been getting, they just don't want to refinance with me. Do they have more incentive to foreclose on the property than to work out a refinance? I have the ability to pay a lump sum for the back payments and put down an extra $50,000 into the loan. The last time the building was appraised was for $1,000,000, but it doesn't seem likely it would sell at that price range.
Should I just resign to the fact that they're gonna foreclose? Or is there incentive for them to renegotiate the loan and try to work something out with us? So how does a bank decide whether it's more lucrative to foreclose than to work out and renegotiate a loan? I'm willing to plug in more money, but the monthly payments have got to come down...
Thanks guys for your insight and wisdom!
Long story short, we got a NOD on a commercial property loan that we had. Was originally a $615,000 mortgage six years ago, and now with everything said and done, current principal balance is $440,000...current total balance is $514,000 (5 late payments+interest).
I've been trying to get a remodification with the bank for a while, but from the vibe I've been getting, they just don't want to refinance with me. Do they have more incentive to foreclose on the property than to work out a refinance? I have the ability to pay a lump sum for the back payments and put down an extra $50,000 into the loan. The last time the building was appraised was for $1,000,000, but it doesn't seem likely it would sell at that price range.
Should I just resign to the fact that they're gonna foreclose? Or is there incentive for them to renegotiate the loan and try to work something out with us? So how does a bank decide whether it's more lucrative to foreclose than to work out and renegotiate a loan? I'm willing to plug in more money, but the monthly payments have got to come down...
Thanks guys for your insight and wisdom!
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