Homeowners that are seeking a home loan modification or other form of mortgage assistance may be having trouble with a second lien on their home. Homeowners report that second lien holders have, at times, made getting various forms of mortgage assistance difficult.
However, there are top lenders in the Making Home Affordable Program who have stated that they are working with second mortgage holders to make home loan payments more affordable for homeowners in distress. Such things as modifications, principal reductions, and the like can be hindered by a second lien holder but there have been changes made and incentives offered that can help homeowners who are struggling with a second lien.
For instance, homeowners that are trying to short sell their home may have an easier time when dealing with a second lien holder thanks to incentives that have been offered for allowing a homeowner with an underwater mortgage to short sell their home. While this is not something that may be offered for every homeowner or from every lender, there are steps being taken to help those with second lien holder trouble.
Homeowners are being advised to talk to their mortgage lender as there is a Second Lien Modification Program that is hoped provide more assistance to homeowners struggling with a second mortgage on their home. Hopefully, modifications and other forms of assistance will become more available for homeowners with a second lien on their home with the Second Lien Modification Program, as there are many who believe that keeping homeowners in their homes is vital to long-term improvement of our economy.