December 9, 2010
FHA borrowers, VA mortgage and conventional loan holders can all face
default and foreclosure. There’s no mystery as to what happens when the bank sends a foreclosure notice–it’s all there in black and white. The key is to avoid getting to that point in the first place.
There are plenty of programs for first-time home buyers and other home owners who are behind on their mortgages, but what’s not so well-known is the assistance for those struggling to pay second mortgages.
That’s where the government home loan bailout program Making Home Affordable comes in with the Second Lien Modification Program or 2MP
for short.
Designed to work “in tandem with the Home Affordable Modification Program (HAMP)” according to the Making Home Affordable official site, “HAMP and 2MP create a comprehensive solution to help homeowners achieve greater affordability by lowering payments on both the 1st and 2nd liens.”
The 2MP program is set up to offer relief by getting a homeowner into a first lien mortage loan modification under the Home Affordable Modification Program. “Under 2MP, when a homeowner
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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