What if I have a second lien and I have qualified for a Trial Modification under Home Affordable Modification Program

What if I have a second lien and I have qualified for a Trial Modification under Home Affordable Modification Program

If you have qualified your first mortgage under the Home Affordable Modification Program and already have begun making your trial payments, but are wondering if you second mortgage lien will qualify for assistance under the same loan modification program.

Here is what you will need to do to find out:

- Contact your second lien holder; you will need to find out if they are participating in what is called the Second Lien Modification Program or 2MP. The program is designed to work in conjecture with the first lien, however, the Investor who owns your loan must be participating in the 2MP program.

- What do I do if my second lien holder is not participating in 2MP?

If your second lien holder is not participating and you are behind on your mortgage, most likely they will have some other form of loan modification for you. You may also want to advise them that your first lien holder has approved you for the Home Affordable Modification Program (HAMP). This possible may help the second lien holder decide if they should participate and what options they can really offer you.

Do not be discouraged if your second lien holder is not participating in the 2MP program, again most lenders have programs available, you may even ask for a principal reduction on your second to try to settle the account.

There are constant changes in the loan modification industry and just because your Investor isn't participating doesn't necessarily mean they will not do so in the future. Keep up to date with industry news by researching blogs and websites about the loan modification industry.

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