What is a commercial mortgage loan modification?
Commercial Loan Modification is when a business or individual that owns a commercial property such as a strip-mall, shopping center, apartment building, agree with the mortgage holder to permanently change the terms of the original note. These loans are often known as portfolio loans since they are often not securitized like Fannie Mae or other single family residential loans. Since the investor of the loan is often easier to identify and approach, the attorney hired by the property owner is much more effective in negotiating a solution that benefits both parties.
