I Am In The Loan Modification Process
by JoJo
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.Related Loan Modification Questions & Answers:
Return to top Click here to post comments. Return to Ask Your Own Mortgage Loan Modification Questions from I Am In The Loan Modification Process Return to Mortgage-Loan-Modification-Answers Home page from I Am In The Loan Modification Process Apply for No-Upfront Fee Hardship Loan Modification Find out for yourself. Apply for no-upfront fee hardship loan modification even if you do not qualify for the Government Making Home Affordable Modification Program. You may qualify for a No-Upfront Fee Hardship Loan Modification. (Currently available in California, Oregon and Washington more states being added) DIY Loan Modification Kit Are you looking for a DIY Loan Modification Kit that will walk you through the entire process of modifying you loan? Then read on. Gain the competence you need to submit and negotiate like a PRO - with real insider advice on how to negotiate a modification. Ask Your Own Mortgage Loan Modification Questions See more Mortgage Loan Modification questions and answers |
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