What if the borrower has a second mortgage and would like to apply for a Home Affordable Modification?
Under the Home Affordable Modification program, junior lien holders will be required to subordinate to the modified loan. However, through the Home Affordable Modification an incentive payment of up to $1,000 is available to pay off junior lien holders. Servicers are eligible to receive an additional $500 incentive payment for efforts made to extinguish second liens on loans modified under this program.
Related Questions
- Does the servicer have to receive the signed Home Affordable Modification Agreement from the borrower prior to the effective date of the modification?
- What if the borrower has a second lien mortgage and would like to apply for a Home Affordable Modification?
- What if the borrower has a second mortgage and would like to apply for a Home Affordable Modification?
