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Second Mortgage Lien Stripping and Modifications
01st July 2010
A few of the major home lenders in the Making Home Affordable Program have begun to work with 2nd lien holders in an effort to modify and restructure their delinquent mortgage. Clearly the goal is to offer a second mortgage modification program that makes their loan payments more affordable. Successfully achieving a principal reduction or negotiating a second mortgage buyout is possible. Many borrowers have been unsuccessful working with their second lien holder. Recently several large second mortgage service companies have announced new mortgage relief initiatives that have become available to help homeowners who are struggling with a second lien. Many homeowners have been rejected in their attempt for mortgage refinancing solutions are frequently denied because their second mortgage raises their combined loan to value level beyond the threshold allowed for refinancing.
We still recommend that homeowners to talk to their lender and let them know about the a Second Mortgage Modification Program that is available to help distressed homeowners negotiate better second mortgage terms or a buyout. Read the original article > Negotiating Second Mortgage Relief
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