The latest changes to the government home affordable modification program for a principal reduction benefit allows the mortgage amount to be divided into two portions – the principal amount and PRA forbearance amount. Get A Second Lien Modification Program and the lowered principal amount will guarantee a monthly mortgage payment of 31% of the pretax income. So the homeowners are expected to continue making regular payments in order to benefit and become free of paying the forbearance amount.
If you have successfully reduced at least 10% on your primary mortgage you can also get your Second Lien Modification Plan done. Many Americans see their second home loan as a way to arrange for money down when they buy their home. The second mortgage is of small amounts as compared to the primary home mortgage amount. It can have a loan term of from 1-30 years. Since it is for smaller amount and has higher interest than the primary mortgage; lenders expect homeowners to pay it sooner.
The second lien modification program on your mortgage is a subordinate loan to your first mortgage, in case of foreclosure the second lender usually gets paid after the first mortgage is dealt with. The second mortgage lender should be informed and details of the first mortgage loan modification through the HAMP program should be disclosed. The second lien can then be applied forbearance or waived off totally if the second mortgage servicer agrees.
Extremely distressed homeowners whose mortgages are not owned or guaranteed by Fannie Mae or Freddie Mac can also now apply for 2nd lien modification program 2mp under the HAMP home loan modification program. The Obama administration has given a lot of incentives to the mortgage lien holder, to the homeowner and also to the servicer in order to stop foreclosures and stabilize the home and real estate market. Visit http://www.obama-loanmodifications.com/ for more information.
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