FHA Loans
Second Lien Modification Program (2MP)

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Question:

How do I get help with my second mortgage?

 

Answer:

The Second Lien Modification Program (2MP) is designed to work in tandem with the Home Affordable Modification Program (HAMP). Together, HAMP and 2MP create a comprehensive solution to help homeowners achieve greater affordability by lowering payments on both the 1st and 2nd liens.

 

Question:

What do I need to do to be considered for 2MP?

 

Answer:

Under 2MP, when a homeowner’s 1st lien is modified under HAMP and the servicer of the 2nd lien is a 2MP participant, that servicer must offer to modify or provide some level of extinguishment on the borrower’s second lien. The 2MP offer will be made in reliance on the financial information provided by the homeowner in conjunction with the HAMP modification and without additional evaluation by the second lien servicer.

 

 

Source:

www.makinghomeaffordable.gov/faqs/homeowner-faqs/Pages/default.aspx  

 Be sure to do your own due diligence in order to further educate yourself about this subject. Not meant as legal or professional advice.

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