Weitz Law Firm - 520 Kirkland Way, Ste 103 - Kirkland, WA - (425) 889-9300

Sunday, April 24, 2011

Second Mortgage Loan Modification Programs (2MP)

2MP Program:

If your first mortgage was permanently modified under HAMP and you have a second mortgage on the same property, you may be eligible for a modification or principal reduction on your second mortgage under 2MP. 2MP is designed to work in tandem with HAMP to provide a comprehensive solution for homeowners with second mortgages to increase long-term affordability and sustainability. If the servicer of your second mortgage is participating, they will automatically evaluate you for a second lien modification. Eligibility*

You may be eligible to apply if you meet all of the following:

•Your first mortgage was modified under HAMP.
•You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.•You have not missed three consecutive monthly payments on your HAMP modification.
•You owe more than $5,000 on your second mortgage.
•Your monthly second mortgage payment is more than $100.
*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for 2MP.

Program Availability

Servicers participating in 2MP are:

1.Bank of America, NA
2.BayviewLoan Servicing, LLC
3.CitiMortgage, Inc.
4.Community Credit Union of Florida
5.GMAC Mortgage, LLC
6.Green Tree Servicing LLC
7.iServeResidential Lending, LLC
8.iServeServicing, Inc.
9.J.P.MorganChase Bank, NA
10.NationstarMortgage LLC
11.OneWestBank
12.PennyMacLoan Services, LLC
13.PNC Bank, National Association
14.PNC Mortgage
15.Residential Credit Solutions
16.ServisOne Inc., dbaBSI Financial Services, Inc.
17.Wells Fargo Bank, NA

Our Firm:

Weitz Law Firm, pllc
5400 Carillon Point, Bldg 5000
Kirkland, WA 98033
(425) 889-9300

7 comments:

  1. Thanks for sharing all about this "Second Mortgage Loan Modification Programs" you have shared.

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  2. I often read your blog and always find it very interesting. Thought it was about time i let you know Keep up the great work.

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  3. I have been looking for that list of bank that offers that mortgage loan modification program. I am so thankful that you posted it in your blog. Now I know where I should go.

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  4. Very Good and Informative Post! Thanks for Sharing with us!!

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  5. I must say this is a well written blog post!! Thanks for sharing this with all of us. :-)

    The HAMP initiative as taken up by the Obama Government is mainly to help those home owners who are upside down on their mortgage payments. Whether it is a first or a second mortgage that you plan to modify under HAMP, you will have to occupy the property. The property can be a residential home, duplex, mobile home, etc. While applying for Home Affordable Modification Program, make sure that your property is not a second home or your vacation home. The best part is that those borrowers who have filed for bankruptcy can also modify their loans under this program.

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