How Long Will It Take to Negotiate a Commercial Mortgage Modification?

A property owner will usually have to wait for one to three months before an application for a commercial mortgage modification is approved. First of all, preparations will have to be made with the assistance of a loss mitigation expert. The initial stage will include the performance of a forensic audit to check for the presence of violations of laws and regulations designed to safeguard borrowers’ rights. The discovery of such mistakes will speed up the negotiation process. The loss mitigation professional with then make contact with the lender and initiate the negotiation process. The actual duration may exceed three months if one or both of the parties are more obstinate than usual.