Earlier this year only First Mortgages were eligible to be modified under HAMP. As of a few weeks ago HAMP was extended to Second Mortgages under a program known as 2MP. This is great news because many homeowners have Second Mortgages and need both their first and second modified to truly get back on their feet.
Under this new program a homeowner’s Second Mortgage is eligible if:
(1) The First Mortgage is modified under HAMP &
(2) The Servicer/Lender for the Second Mortgage is a HAMP participant (go to www.MakingHomeAffordable.gov/contact_servicer.html to check)
As with any mortgage modification program, it is important to stay on top of the bank and keep copies of all paperwork. Keep in mind that this is a new program and all parties involved will not be experienced in working with it. It is possible to complete this modification application and receive a modification on your own. However, if you think you need help there are numerous professionals and organizations out there that are ready, willing and able.
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