The new changes to
the government home affordable modification program for a principal reduction benefit allows the mortgage amount to be
divided into two portions – the principal amount and PRA forbearance amount. Get
a second
mortgage loan modification and the lowered principal amount will guarantee a monthly mortgage payment of
31% of the pretax income. So the homeowners are expected to continue making
regular payments in order to benefit and become free of paying the forbearance
amount. Visit http://www.obama-loanmodifications.com/
for further information.
If you have
successfully reduced at least 10% on your primary mortgage you can also get
your 2nd lien modification program
done. Many Americans see their second home loan as a way to arrange for money
down when they buy their home. The second mortgage is of small amounts as
compared to the primary home mortgage amount. It can have a loan term of from
1-30 years. Since it is for smaller amount and has higher interest than the
primary mortgage; lenders expect homeowners to pay it sooner.
The second
lien modification program 2mp on your mortgage is a subordinate loan to your first mortgage, in case of
foreclosure the second lender usually gets paid after the first mortgage is
dealt with. The second
mortgage lender should be informed and details of the first mortgage loan
modification through the HAMP program should be disclosed. The second lien can
then be applied forbearance or waived off totally if the second mortgage
servicer agrees.
Extremely distressed
homeowners whose mortgages are not owned or guaranteed by Fannie Mae or Freddie
Mac can also now prevent 2nd lien
foreclosure under the HAMP home loan modification program. The
Obama administration has given a lot of incentives to the mortgage lien holder,
to the homeowner and also to the servicer in order to stop foreclosures and
stabilize the home and real estate market.
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