The Second Lien Modification Program, or 2MP, helps homeowners with a second mortgage on their home. This applies to properties where the first mortgage was modified under the Home Affordable Modification Program (HAMP).
To qualify, you must have successfully modified your first mortgage under HAMP and not missed 3 housing payments on your modified loan. You also must not have certain criminal convictions on your record.
Your mortgage servicer can tell you if you are fully eligible for the Second Lien Modification Program. You can call credit.org for a free housing consultation to find out which loan servicers are participating in 2MP.
There is also a second lien program for FHA loans: the FHA Second Lien Program (FHA2LP). This can help you if your first mortgage is given an FHA Short Refinance. In that case, the FHA2LP can reduce or eliminate your second mortgage. To qualify, your total mortgage after refinancing must be less than 115% of your home’s value.
How to Apply
Talking to a housing consultant from a HUD-approved housing counseling agency is a great place to start. A free counseling session will help answer your questions and prepare you to apply for 2MP, FHA2LP, or any other mortgage assistance program that is right for you.