Homeowners who may have a second mortgage on their home loan have been troubled since they do not benefit from a traditional home loan modification. Originally, homeowners who had a second lien on their home may have been able to obtain a home loan modification but their second mortgage causes their mortgage payments to still be unmanageable, but the Second Lien Modification Program has been helping homeowners in this area.
The Making Home Affordable Program has been using extension plans to help those who are struggling to make their mortgage payments and may not benefit from a traditional modification. Problems like second liens, underwater mortgages, and unemployment have been causing hardships for many homeowners and in some of these cases a simple home loan modification will not suffice.
When it comes to homeowners with a second mortgage on their home loan, the Second Lien Modification Program is able to correct the problem that many homeowners with a second mortgage were facing. Typically, if a homeowner is awarded a modification on their home loan, their second mortgage holder must also modify the second lien on their home so that they can make their overall monthly mortgage payment under the modification plan more affordable.
Homeowners have been upset with lenders over the past months and claim that many are not doing all they can to make their home loan more affordable. Obviously, lenders have defended their efforts and say that they are doing all they can to not only provide more affordable home loan payments to those who are struggling, but also, offer foreclosure prevention plans for homeowners who may be unable to afford their homes even with mortgage assistance.
Despite troubles between homeowners and mortgage lenders, individuals who are having trouble making their home loan payments are being advised to talk to their mortgage lender and ask about what options are available for their specific situation. While some homeowners refinanced their home and, again, may have a second mortgage, now thanks to the Second Lien Modification Program these homeowners should be able to get the affordable home loan payment that they need when they are granted a modification on their mortgage.