Contact Information

Law Office of Henry E. Marines, PA
Professional Arts Center
8501 SW 124th Ave.
Suite 204A
Miami, FL 33183
(305) 412-4443
(305) 704-8119
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Loan Modifications

Due to the overwhelming number of families who have been forced from their homes during these tough economic times, the federal government has passed laws to offer people help. These laws, such as the Making Homes Affordable Program, forces lenders to renegotiate certain mortgages to make it easier for people that are trying to stay in their homes.

Unfortunately for the people who need this help, lenders try their best to frustrate eligible homeowners by making the process as difficult as possible. Many homeowners may think it is impossible. After countless phone calls and repeated denials, many eligible homeowners simply give up.

If you are trying to get a home loan modification, and have hit a wall in your efforts with the lender, it is time to contact The Law Office of Henry E. Marines. We will evaluate your situation and determine if you are eligible for a modification. We will reopen the process with your lender, and apply pressure to make sure the deal gets done.

Types of Loan Modifications

There are three different ways a loan can be modified, and we can negotiate to make sure you have the best possible terms moving forward:

  • Interest Rate Modification—Interest rate modifications can either be temporary or permanent. The lender may agree to a rate below current market levels (usually between 2 and 3 percent) for the first several years, gradually increasing the rate as the principle shrinks, eventually capping it near current market levels after 10-15 years.
  • Term Modification—This is often used in conjunction with an interest rate modification to minimize payments by increasing the amount of time for the loan to amortize. For instance, the balance would need to be repaid over 40 years instead of 30, allowing smaller monthly payments while the homeowner is distressed.
  • Principle Balance Reduction – Principle reduction wipes out some or all of your negative equity if your home value has plummeted. This is the best case scenario for a modification, and will have an enormous effect on your monthly mortgage payments. It is usually only granted in cases that involve homeowners who were victims of predatory lending practices or other forms of fraud but it may be possible for other situations as well.

Contact the Law Office of Henry E. Marines

Attorney Henry E. Marines will use his experience and negotiating skills to get you the best possible solution to your mortgage problems. Don’t allow lender intimidation and frustration tactics to miss the opportunity to keep your home while you work your way out of your current financial situation.

Attorney Marines may be able to help you. He will evaluate your situation and provide you with an honest assessment. To schedule a free private consultation, please contact our office today.