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It is being estimated the second lien modification program or the 2MP plan is likely to benefit over 11 million borrowers who could be still underwater on their mortgages. Housing experts opine that for tackling the foreclosure crisis effectively, addressing the issue of 2nd liens could be essential. Remember, modifying one of the mortgage loans may not be just enough for preventing the spate of foreclosures in the market. Earlier, it has been reported that over 3 million homes have been already foreclosed despite the fact many borrowers had got successfully approved for the home affordable modification plan or the HAMP. This only goes on to say that second liens, at times, can prove to be cumbersome even if the first home loan has been granted under the HAMP schedule. Therefore, it is necessary that all HAMP eligible applicants must also determine eligibility for modification of 2nd lien loans.
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Furthermore, it is agreed that a loan modification on second mortgage cannot change things overnight as for underwater homeowners, securing reductions in unpaid principal mortgage loans could be a better proposition as compared to interest rate cuts. This is because if one can manage to get his principal loan balance reduced, he is helped to recover the lost equity in his home. In other words, principal reduction on mortgage loan can help borrowers restore home equity almost instantly. Not many homemakers in the U.S. able to realize this and attempt to do things the way they deem right. It is here that a free consultation with some mortgage specialist can prove to be of great assistance as it could enable the borrower to determine the correct course of action. However, to make sure that a borrower chooses the best option, he has to make suer that he has found a reliable and reputable mortgage service provider.
USLoanz is a leading mortgage service company in the United States which has been in active business for the past seven years or even more. Over the years the firm has helped borrowers to successfully modify or refinance their mortgages and save homes from getting foreclosed. Customers, who are interested in determining their eligibility for loan modifications, principal reductions or home refinancing, can visit its website at www.usloanz.com