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I have a Home Equity Line of Credit (HELOC) or second mortgage. Does the NHRP apply to that loan?

April 26, 2017HELOC home equity line of credit loan nhrp second mortgage

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I have a Home Equity Line of Credit (HELOC) or second mortgage. Does the NHRP apply to that loan?

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No, the NHRP does not cover HELOCs or second mortgages. If you have a HELOC or second mortgage with BOA Home Loans, BOA will review it when they review your first mortgage. If your HELOC or second mortgage is with another lender, you will need to discuss your options with that lender. If your first lien is held by an investor other than BOA or one of its subsidiaries and you have a second lien on the property, BOA is unable to consider your first lien for modification under the new programs, but they will review your eligibility for another solution using HAMP or their proprietary modification programs.