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Photo by bhautikjoshiWhat does it do?
This program works hand in hand with HAMP’s loan modification program. It is designed to help homeowners that are struggling to meet their mortgage payments because of a second mortgage on their home. The 2MP program helps homeowners reduce the payments on their second mortgage or even get rid of it altogether. 2MP does this by providing lenders with incentives to reduce interest rates, extend the term of the second mortgage to 40 years, or forgive a portion or the entire loan.
To qualify for a Second Lien Modification Program (2MP):
– Your first mortgage must already have been modified under HAMP (see program 1 above).
– The lender of the second mortgage must also be taking part in the Making Home Affordable Plan (i.e. Bank of America, Citi Mortgage, Chase, Wells Fargo and their subsidiary companies).
– The second mortgage must have started before January 2009.
– The mortgage must have a balance of more than $5,000 and monthly payments of more than $100.
Used in combination with an HAMP loan modification a 2MP second lien modification could significantly reduce your monthly mortgage expenses. Click here to find out if you qualify.
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