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  • Second Lien Modification Program (2MP)

    The Second Lien program is very much like the HAMP program, except that this program services homeowners that have a second mortgage on their property.

    To qualify for this program, the requirements are similar to the HAMP program requirements, except that the homeowner must have actually been approved a permanent home loan modification under the HAMP program for their first mortgage, that the homeowner has still not been convicted of a real estate related fraud and that the homeowner has not defaulted on three consecutive payments as outlined under the first mortgage modification.

    There are, however, a limited number of institutions who are participating in the Second Lien Modification Program, which ends December 31, 2013.

    Contact your lender of a home loan modification lawyer for a complete list or for more information about the program. There is some latitude in these requirements and it is suggested that the homeowner still pursue a request since the benefits of the program to the homeowner are too numerous to go unchallenged. Contacting a home loan modification lawyer to assist and to make sure that you have the best chance at succeeding in your application is strongly advised.

    The Federal Housing Administration Second Lien Program (FHA2LP)

    This program assists those with a need to reduce their obligation on a second home loan. To qualify, the homeowner must clearly be eligible for the Short Refinance program offered by the FHA on their primary mortgage loan, and that the second mortgage that requires modification was obtained on or before January 1, 2009. As with all other programs, the applicant can not have a conviction of a real estate related fraud or felony. If you are having trouble successfully applying for this program, please consult a home loan modification lawyer to assist.

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