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Payday loans

What is the Second Lien Modification Program?

Do you have a second lien on your home due to another type of equity you had to draw from the property? The United States federal government has enacted a new program under their Making Home Affordable Initiative. The Second Lien Modification Program (2MP)allows you to qualify for a modification to the lien or a principal reduction on your second mortgage.

Homeowners with a second mortgage often feel like they can never get out from under the money they owe. Often, a second loan on a home also pushes the property past the value of the home. It is not uncommon for homeowners in Florida to have turned to a second mortgage for things like home remodeling, required home repairs, pay for medical expenses, or simply just to catch up on bills. Even if you do not qualify for these government-sponsored programs, you can qualify for a loan modification.

What is the Second Lien Modification Program

This program was designed for people that also qualify for the Home Affordable Modification Program (HAMP). The basic qualifications for HAMP include a mortgage taken out before January 1, 2009, the debt cannot exceed $729,750 for a single home, your current income will support a modified payment, and the property could not have been condemned.

There are qualifications for 2MP and all of the criteria must be met for you to qualify for relief. The primary requirement is to have a mortgage was modified under HAMP, you cannot have been convicted of certain crimes, and you cannot have missed three consecutive monthly payments on your HAMP modification. This federally-sponsored program is meant to help you through the tough battle of paying a loan.

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This government foreclosure prevention program was put in place to keep more homeowners in their houses. The Department of Housing and Urban Development reports that, “The Obama Administration has implemented a number of programs to assist homeowners who are at risk of foreclosure and otherwise struggling with their monthly mortgage payments. The majority of these programs are administered through the U.S. Treasury Department.”

Even if you do not qualify for these government-sponsored programs, you can qualify for a loan modification. Often this paperwork is difficult to navigate simply because of the pure magnitude of paperwork. Our attorneys help you look through the paperwork and assess your potential to qualify for a loan modification. Some of our key tips relate to completing required information, asking questions of your services, keeping in touch with your servicer, and remaining persistent. Let us fight on your behalf, whether you qualify for 2MP or not.

Consult with West Palm Beach Loan Modification Attorney

If you need an expert opinion about loan modification for your home, consult the attorneys at The Law Office of Kelley & Fulton. We are available by phone at 561-491-1200 or online at www.staging.kelleylawoffice.com. Our attorneys specialize in real estate law and understand every facet of loan modification. There are options available to you.

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