PRLog - Sep. 12, 2012 - SACRAMENTO, Calif. -- The “Making Home Affordable” plan also offers a second lien modification program over and above the HAMP. By getting approved for the 2MP schedule, as it is popularly known, borrowers can modify second mortgage loans to reduce monthly mortgage payments substantially. The federal government provides incentives to mortgage servicers to encourage them in modifying 2nd home loans with the 2MP program. But such lenders have to be active participants in the plan. Nevertheless, to qualify for the 2MP plan for modifying second home loans, it could be crucial for borrowers to satisfy certain eligibility criteria. Remember, applicants, who are eligible for the 2MP program, could be able to secure many vital benefits.
Home affordable second lien modification program
To that effect, homeowners who are considering applying for a 2MP second lien modification need to make sure that they meet the below mentioned basic conditions.
The Second Lien Modification Program 2MP – Basic Eligibility Guidelines And Benefits
1. Borrower has to ensure that the primary mortgage loan has been modified under the HAMP
2. 2nd lien loan provider has to active participant in the 2MP process
3. Current loan must have originated on or before 1st of January, 2009
4. Minimum amount of unpaid principal loan balance has to be $5,000
5. Existing monthly payment on second home loan has to over $100
6. Current 2nd mortgage loan must not be home equity loan in the position of a primary mortgage
There may be several other criteria which apply to the qualification process for second lien modification program 2MP. If eligible, a borrower has the chance to secure some benefits which could be as follows:
1. Reduction in interest rate up to 1% on an amortizing 2nd home loan
2. Reduction in rates of interest up to 2% on interest only home loans
3. Obtain extension of second mortgage loan durations for up to 40 years
4. Carryover of forbearance received on first mortgage to second home loan
5. Unpaid second lien loan or part of it may get altogether forgiven under 2MP
In any case, qualifying for the federally supported home affordable second lien modification program is never going to be that easy. This is because for improving chances of a 2MP qualification, applicants will be needed to prepare and submit a specific list of documents along with their applications. Only specialists, who are well versed with the exact nature of 2MP requirements, could know the correct and accurate type of documentation which is to be prepared and furnished. Hence, it could be better if borrowers sought help from some reliable as well as reputed mortgage service provider.
Obamaloanmodificaiton is a leading mortgage service provider in the United States which has been in business for over seven years. Till date, the firm has helped tens of thousands of borrowers in qualifying for affordable mortgage interest rates and hence, significantly reduced monthly payments. Consumers, who are interested in determining their eligibility for home refinancing, can visit their website at for getting more valuable information.
Save Money By Qualifying For The Federal Second Lien Modification Program 2MP http://www.obama-