Fully extinguished second liens under HAMP hard to come by

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 · Together, HAMP and 2MP create a comprehensive solution to help borrowers achieve greater afford ability by lowering payments on both first lien and second lien mortgage loans (referred to herein as second liens). Under 2MP, when a borrower’s first lien is modified under HAMP and the servicer of the second lien is a 2MP participant, that servicer must offer either to modify the borrower’s second.

HAMP 2MP May Lessen First and Second Lien in Bankruptcy: Contrary to general (legal) knowledge, the filing of bankruptcy does not preclude a borrower from obtaining a HAMP cure option on his/her first and or second (2MP) mortgage lien, even on the continuation of respective Trial Period Plans (TPP).

Where these liens exist they can hamper a borrower’s ability to make payments under a modification unless the second lien is also modified or extinguished. HAMPs second lien program requires that, if.

I am current on first mortgage and am underwater. Can the bank foreclose on 2nd? What else can they do? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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Second Lien Negotiation When facing foreclosure with two mortgages, the second lien holder will not likely foreclose on you. Instead they’ll wait to pursue you in civil court under a breach of contract claim, where they can seize wages and assets or even force you into bankruptcy.

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2nd Mortgage EXTINGUISHED by Citi Mortgage under 2MP Program. – Congratulations on the modification and having the second lien fully extinguished. The 2mp program doesn’t always end in an extinguished lien for everyone, there is a criteria that the servicer follows and the first lien would have needed to be modified under the HAMP program.

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One of the components of the MHA initiative was the Second Lien Modification Program (2MP). The 2MP program modified or eliminated a borrower’s existing second lien, like a second mortgage, HELOC, or home equity loan. However, the programs under MHA-including 2MP-ended on December 31, 2016. Other Foreclosure Avoidance Options Are Still.