Do you have an SBA loan? In the past year, there has been a significant increase in businesses seeking Small Business Administration (SBA) loans, with numbers rising by 50%. Many of these businesses sought financial help due to the challenges brought on by the COVID-19 pandemic. Small businesses such as restaurants, dry cleaners, and schools, […]
Pursuing a Loan Modification
A loan modification can be a great solution to a delinquent mortgage or unaffordable mortgage payments. It can enable a homeowner to avoid foreclosure and the loss of a home. It can also provide a solution when mortgage arrears are so high that an affordable Chapter 13 bankruptcy payment is out of reach. You don’t […]
What is a loan modification?
A modification to an existing loan made by a lender in response to a borrower’s long-term inability to repay the loan. Loan Modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a different type of loan or any combination of the three. Why would someone need a loan modification? If you […]
