second lien

Loan Modification Help on Second Lien from Federal Programs

by bilywordon on Jan 6, 2011

[img]http://i53.tinypic.com/wmh4l0.jpg[/img] Loan modification for homeowners have been useful in some cases where a homeowner is having problem meeting payments on their primary home loan. However, many homeowners protested that loan modifications were unhelpful as they did not lower payments to an affordable level, and in some cases this was due to a second lien modification on a home loan.

But, programs like the Second Lien Modification Program and different state mortgage modification plans which are set to address second liens have been put into practice in some areas and are hoped to begin in the near future, as a way to address this trouble of second mortgages. Obviously, homeowners who have seen delayed in their financial life or are facing cutbacks in their wages at their place of employment may have been able to handle mortgage payment on a first and secondary mortgage, but are now in a situation where these costs may lead to defaulting or...Read More >>