If you are behind on your mortgage, nearing foreclosure and you want to save your home, The Law Office of Peter Spino, Jr., Esq. can help you modify your mortgage so that you can negotiate an affordable payment.

Modifications we can consider together include:

• Interest rate reduction
• Term extension
• Forbearance
• Capitalization

Most loan modifications require supporting documentation that is submitted with a detailed application. Minor errors can significantly delay the process.

We have worked on thousands of loan modifications. During a free consultation with a loan modification attorney in our office we will explain the process, giving you an idea of what your chances are for qualifying. No one can guarantee you a loan modification but we will give you an honest assessment and review strategies about how to improve your chances with the bank and federal programs such as the Home Affordable Modification Program (HAMP).

Under HAMP guidelines the bank will take 31% of your gross income and try to fit your principal, interest, insurance and taxes into that 31%. Other factors also apply. If you do not qualify for HAMP or your lender does not participate you may still be eligible for a loan modification from your bank.

Many attorneys are unfamiliar with this process and there are numerous companies that prey on people’s desperation, charging thousands of dollars and many times doing absolutely nothing. An experienced loan modification attorney can help you take the path that’s right for you.

Bankruptcy protection is also an option and can temporarily stop the foreclosure process, so that you can explore other options. There’s no shame in bankruptcy. American corporations seek the court’s protection every day. You should feel comfortable doing the same.

Modifications for Investment Properties

When you own investment property and are behind in mortgage payments our office can assist you in protecting your legal rights. We can:

• Respond to summons and complaint
• Negotiate with the bank to resolve the matter amicably
• Structure the paperwork to increase your chances of obtaining a loan modification, or modifications if you own more than one investment property.

Investment property owners are not entitled to a settlement foreclosure conference and other different rules apply in these circumstances. However, loan modifications for investment property(s) are easier to obtain than in the past.

The government extended the Home Affordable Modification Program (HAMP) program to cover investment property with HAMP Tier II. An investor can get as many as five homes modified under this program, and most banks also now offer loan modification programs to investment properties.

As with a residential property, meticulous attention to documentation and the application process must be paid in order to obtain a loan modification. An experienced loan modification attorney can guide you through the process.