Often times, people who have second mortgages believe they are essentially shut out from the loan modification option. This may not be true. The government has a program which may assist those who wish to modify their current loan, but who also have a second mortgage. This article discusses the options in general detail.
For even more information, look at the government's website here.
The Homeowner Affordability and Stability Plan is a mortgage modification plan that is currently helping some homeowners lower their monthly mortgage payments. Although eligibility is determined by your mortgage lender based on your financial situation and other guidelines, below are some of the plan’s features:
The program is intended to help those who are current on their mortgage payments, but are unable to refinance because they owe more than their home’s current value.
The biggest downside to this program is that you must have a Fannie Mae or Freddie Mac loan to qualify.
In most cases you will need the following to apply:
This program started on March 4, 2009. There is no telling how long funds will last, so borrowers are encouraged to apply early.
Enter keywords:
