subject: Seek Help For Unemployed Homeowners Through 2nd Lien Loan Modifications! [print this page] The government modification program was introduced to help homeowners modify their current mortgage loan or refinance it so that they are able to re-afford the loan once again. Foreclosure is a situation which every homeowner wants to avoid as it means that the home they have invested in will be lost due to their mistake. Non-repayment of mortgage loans will lead to only one conclusion and that is foreclosure and in order to avoid that the homeowners are willing to do anything and everything including refinance or modify their loans.
There are times when homeowners opt for second mortgages to get the excess cash required for paying off liabilities, the current mortgage loan and also for other investments they might have been planning to undertake for a long time. However, when the homeowner is faced by shortage of money and decides to opt for Loan-modificationprograms.com then they also have to be careful to pay it off. This is important because if they default on the 2nd lien loans then the first thing that will have to be paid off is the first mortgage and then the second mortgage. However, refinancing the first mortgage was not followed by refinancing the second one too. Many lenders complained about this feature of the Government modification program and refinancing program. As per the new and revised loan modification scheme the mortgage servicing companies that participate in loan modification program for 2nd lien foreclosure must also modify the second mortgage when the first mortgage loan is modified.
Since the earlier loan modification companies enabled the homeowners to modify the second loan without modifying the first one it used to be unfair to the original mortgage lenders. To rectify this error changes were brought in and whenever a homeowner was modifying the first mortgage loan the servicers of the 2nd lien loans would automatically have to reduce the monthly installments to provide comprehensive help for unemployed homeowners. The new Government modification program really helped the homeowners struggling with their first and second mortgages to modify or refinance the loan and re-afford it so that it could be paid off by them. Most of the homeowners that were heading towards 2nd lien foreclosure were more or less holders of first and 2nd lien loans and so changes in one loan would only help the homeowners if changes were implemented in the 2nd lien loans as well.
