I Am In The Loan Modification Process
Mortgage Loan Modification Answer:by Loan Modification Expert – Dan NorthYou may have a loan modification on your 1st mortgage but that does not cancel your 2nd mortgage. You still have a legally binding contract to pay back the second mortgage.
Ask That Your 2nd Mortgage Lender Modify Your LoanYou will need to ask that your 2nd mortgage be modified under the HAMP guidelines. If your second mortgage lender signed onto the HAMP Modification program, they should automatically modify your 2nd mortgage once the 1st mortgage was modified, that is, if the investor that owns the mortgage elects to participate in the Second Lien Modification Program (2MP).
Your 2nd Mortgage Lender Could ForecloseIt is possible that you borrowed from a lender that participates in the 2MP program but sold the mortgage to an investor that does not wish to participate. If that is the case, the investor has the legal right to begin the foreclosure process on your home to collect on the debt.
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