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Florida Loan Modification
The commercial and residential real estate markets are going through a period of transition and many property owners are looking to refinance their properties. This may be because interest rates have come down, because rental rates are not as stable as in the past or because the real estate market is saturated with too much investment property as a result of the boom years. For all of these reasons and others, many property owners are attempting to refinance. Some of these property owners may also be facing foreclosure and may need to refinance to keep their property.
There are many aspects to loan modifications or refinancing and there is a slight difference between a loan modification and refinancing. A loan modification seeks to modify or change the terms of your current loan. Refinancing can occur by changing lenders, and using the money from the new lender to pay off the old loan.
The aspects of refinancing or a loan modification can include: applying for the modification, deciding upon or negotiating the terms and costs of the modification, reviewing the loan modification documents to insure they comply with the financing terms you agreed upon, closing on the loan modification including issuing mortgagee title insurance to the lender, satisfying the prior mortgage and recording the new mortgage.
The commercial loan modification process can be more complex than a residential refinancing, since often tenants and leases are involved, or ownership interests may be more complex.
The DeWitt Law Firm can assist you with each of the various aspects of the refinancing process. Whether you are refinancing a commercial or residential property, our attorneys have the experience to help you with this often complex and confusing process.
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If you need help with a commercial loan modification or commercial refinancing or with a residential loan modification or residential refinancing, please contact us.