If it sounds too good to be true…
it probably is!
We all know the commercials that say you can win $1MM if you have been in a car accident and were injured. Most of us know by now that what you might really ‘win’ likely won’t be near the amounts touted on the commercial.
Unfortunately, some CMBS borrowers fall trap to this very kind of advertising! Some companies claiming to be borrower advocates are telling unsuspecting borrowers that they can get a discounted payoff with XX special servicer. It sounds enticing to the borrower, so the borrower engages the firm to help them. Unfortunately, the end result is often not what the initial call led the borrower to believe. These borrower advocates are most interested in getting the borrowers engagement fee and less concerned (if at all) about the company’s future reputation. Heck, if they can get enough money in engagement fees, they may not need to worry about their future.
“Just remember…if it sounds too good to be true…it probably is!”
Think of a Sherpa for a moment. I decide to climb a 14,000-foot mountain today. I call a Sherpa to help me. Now, a Sherpa could just tell me to join them the next morning with tennis shoes on and I would probably die on the way up. An experienced Sherpa would spend time telling me what to expect so I was sure I was prepared for what the climb would require. I may not like to hear what the experienced Sherpa has to tell me, but I will end up with a better outcome if I listen to the experienced Sherpa! That’s the same thing an experienced borrower advocate should be doing for you. Not selling you on a wonderful outcome that is likely not to happen, but to prepare you for the journey so you aren’t caught off guard on the climb!
Just remember……if it sounds too good to be true…..it probably is! Do your research and don’t fall trap to the wonderful advertising you may hear from someone looking to just have you wire your first fee to them!