New Updates on the Home Affordable Second Lien Modification Program

Oct. 11, 2012 - PRLog -- To be clear, the home affordable modification program (HAMP) is a government sponsored program designed for working homeowners who are currently experiencing financial difficulty to the extent that they may be in danger of defaulting on their current mortgage. When a loan or mortgage is modified, changes are made to it to make it easier for the homeowner to afford their monthly payments and still have enough to live comfortably on. The HAMP program has recently been added to through the MHA so that homeowners in need of a second modification may be able to obtain one.

Read More Here on Second Lien Modification Program New Updates http://www.credit-yogi.com/foreclosure/obama-loan-modification-HAMP.php

The HAMP second lien modification program works like this: If one’s original mortgage was adjusted by a HAMP modification, it is very likely that one will qualify for a second revision of it as well. In order to have obtained a first loan modification, one would have to have been an at-risk homeowner- that is, one who was very near to defaulting on his mortgage – and who was experiencing some financial difficulty which they were able to offer proof of. To qualify for a second modification, one must meet the following criteria: having a first mortgage modified through HAMP; having no felonies in connection with a real estate or mortgage transaction over the past 10 years; and not having missed three consecutive payments on the original HAMP.

Check Your Eligibility For Second Lien Modification Plan 2012 http://www.credit-yogi.com/foreclosure.php

The home affordable second lien modification program (2MP) offers both homeowners and their mortgage servicers incentives for modifying a second lien. Some servicers and investors may also receive incentives for forgiving a second lien, meaning that they will absolve the debtor of the debt. The parameters of a second lien modification are similar to those of a first mortgage modification and may help a homeowner by lowering the interest on the lien, extending the second lien to 40 years versus 30 years, and by allowing the same amount of forbearance on the second lien as on the first one. Any or all of these things can enable an at-risk homeowner to keep his home and are well worth looking into with one’s mortgage service.

For more information about HAMP second lien modifications, go to credit-yogi.com, where help is always available.