What is 2MP or Second Lien Modification?

If you’re like millions of homeowners in debt and struggling for a way to escape it, you’re probably looking for anything and everything which could give you a hand up.For people who made the grim mistake of taking out second mortgages on their homes, effectively splitting up the ownership between two different lenders, the problem probably became immediately apparent. Getting away from one of the two lenders could make a huge difference in the life of many a homeowner, which is where Second Lien Modification comes into play.

The circumstances leading up to the event are unimportant; somehow, some way, you mortgaged your home out to two different lending agencies. That means two different mortgage payments a month and an awful lot of debt piling up fast.

While a home loan modification lawyer should always be contacted and maybe even hired for specific advice concerning your case, signing up for 2MP or Second Lien Modification will solve your second loan or make it disappear altogether if you qualify for a few different conditions.

You must have already applied for and qualified for a home loan modification under the HAMP program for this other program to even be considered. So, if you haven’t started there, you should stop now and look into that other program first because the 2MP agencies won’t even consider your application otherwise.

Whether you qualify now or not, the enrollment for this program is scheduled to end on December 31st, 2013. That’s the end of the year which might seem far away now but has a sure way of creeping up on people if they let it.

Different Requirements in Different States for a Second Lien Modification

Depending on the state in which you and your distressed property reside, you may be eligible for other, local relief benefits. In addition, you may face different requirements to qualify for certain government sponsored programs, including the Second Lien Modification Program.

It is highly advised you retain a home loan modification attorney for the duration of any proceedings, or if you know you cannot afford your mortgage and want to keep your home. The benefits to a successful 2MP application are too numerous for you to simply ignore them.

Once you know the specific requirements to file in your state, you need to get all the right information together. This is easy; since you’ve applied for other relief programs as a rule before applying to this one, you should already have all pertinent papers on hand.

January 1, 2009 is a very important date because if you obtained your second mortgage on or before this day, you aren’t going to qualify for any kind of relief under the 2MP program. It’s a shame, but not everyone can get the help they need.

To make sure you qualify for the assistance you need, check to see if you’re eligible for a Short Refinance program. This would apply to your primary mortgage and reduce that debt.

If you qualify for it, you’re pretty much guaranteed to qualify for a Second Lien Modification grant or reduction in the debt on your second mortgage. For any and all questions, if you lack a home loan modification lawyer, you could check with the Federal Housing Administration to get some much needed answers.


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Comments ( 2 )

I had already been turned down twice for a home loan modification. I”d rather have. Refinancing. If at all possible. I want. To be able to breath again. With vanderbilt mortgage & finance you can’t do that trust me . They are the company that will make you commit suicide…no joke!!!!

Dorothy w Jordan added these pithy words on Jan 09 15 at 1:21 pm

With a second lien mortgage modification we negotiate with the mortgage company that owns your second mortgage. During a foreclosure the first lien holder is usually the entity that forecloses. When this happens the second mortgage gets wiped out entirely. Usually when we are negotiating the terms of the first mortgage modification we will simultaneously negotiate the new terms of your second mortgage. The bank that owns your second mortgage will usually offer very favorable loan terms since they could potentially get nothing during a foreclosure. I would definitely call one of our advisors at 888-980-7566.

Attorney Load Mod added these pithy words on Jan 09 15 at 7:48 pm

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