What is the Second Lien Modification Program (2MP)?
The Second Lien Modification Program is designed to work in tandem with a HAMP modification to reduce the total mortgage payments to make these more affordable and prevent foreclosure. If you got your first mortgage modified under HAMP and you have a second mortgage, you may be eligible for a modification. If the servicer of the second mortgage participates in 2MP, they will automatically evaluate you for a modification on the second mortgage. The 2MP program is available through December 31, 2012.
First mortgage was modified under HAMP.
Not missed more than 3 consecutive payments on HAMP modification.
Balance on second mortgage exceeds $5000.
Monthly payment on second exceeds $100.
No convictions within last 10 years for forgery, fraud, or tax evasion related to a real estate transaction.
*Eligibility criteria is for guidance only.
Servicers that participate in 2MP are:
Bank of America
Community Credit of TXorida
Green Tree Servicing
JP Morgan Chase
Residential Credit Services
Wells Fargo Bank
If you have any questions about this program, contact a housing advisor at (888) 995-HOPE. There is no cost for this valuable around-the-clock service.