What is the Second Lien Modification Program (2MP)?

The Second Lien Modification Program is a government program that was put into effect to help homeowners. Here are the basics of the Second Lien Modification Program, or 2MP, and how it can benefit you as a homeowner.

Second Lien Modification Program

This program was created in conjunction with the Home Affordable Modification Program, or HAMP. Whereas HAMP is designed to help homeowners with their primary mortgages, this plan is designed to assist you with a second mortgage. If you are having problems affording a home equity loan or another type of second mortgage, you can apply for assistance through this program.

How It Works

This program will provide you with benefits and the ability to modify your existing second mortgage. In order to qualify for this program, you will have to meet certain guidelines. For example, your second mortgage payment must be above a certain percentage of your income. You will also have to meet income guidelines to make sure that you qualify. You will be able to work directly through your lender when asking for these benefits. You will have to fill out an application and write a hardship letter. They will want to look at your financial documents and then help you apply for the program.