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Mortgage Issues And How To Overcome Them!
Construction and commercial builders who had taken up building flats and rental apartment projects are experiencing a great financial loss. They are facing financial crunch due to which they are unable to pay the commercial mortgage loan amount to the bank and at the same time have halted construction work of these residential and rental buildings.
More over, home prices are 50% higher than before according to housing market index. This is posing a greater risk post 21st century. Land development owners and builders have not completed house construction and continue to owe a huge size of loan amount to the bank.
This is approximated to $492 billion, which is a huge money.
Those sky scrapers, mall properties and other rental apartments are all on a stand still. Land developers are experiencing tremendous loss and few have gone up o the extent of filing bankruptcy, unable to repay mortgages. Some have even gone up to the extent of writing off debts. If you bank has given you loans with out proper documentation and your loan agreement is proved to be unenforceable, then the agreement can be nullified and no lender can claim any money that is due from you. The agreement if found unenforceable can be cancelled between the builder and the bank. You don't have to pay any loan amount to the banker. This is some kind of a debt loophole which has made few creditors slip away from the clutches of the lenders. Some of the companies which help you in finding out if your agreement is unenforceable should be backed by a Government Authority. Make sure, that the company you approach for proving if your agreement is unenforceable has to be a genuine one.
Real estate loans which were taken to build apartment rents, mall properties and store rents have been defaulting on loans and writing it off. All of these real estate issues will continue to cascade through the banking system right through 2012.
Find out the Cause of Your Cash flow Problem? As a business owner and a commercial borrower interested in a commercial mortgage modification, it will serve you best to identify when your cash flow problem began, whether it was from a) drop in business, b) increased defaults on your own receivables, c) an increase in other recurring expenses, d) a single event, such as a lawsuit or partner's bankruptcy. This will help you from filing any bankruptcies further.
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