Fully extinguished second liens under HAMP hard to come by

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 · For instance, if you were initially approved through the federal HAMP modification program and were provided “special” terms like below market interest rates, elongated maturity term (40 year amortization) and any level of principle deferment, then there is almost a certainty that a conversion to a “traditional mod” would come with.

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After five years, the interest rate on the second lien will reset at the then-current interest rate on the HAMP-modified first lien. Step 3: Extend Term In the third step, if the original term of the second lien is shorter than the remaining term of the HAMP-modified first lien, the 2MP servicer extends the term of the second lien to match, at a minimum, the term of the HAMP-modified first lien.

 · If you can qualify under HAMP, then a modification to the second under 2MP may be possible as well. Also, by actively pursuing a modification under HAMP, it will often slow down any pending foreclosure action. $75k is a borderline amount to pursue recovery against via foreclosure.

"Lien priority dictates that the first mortgage cannot be written down until the second is extinguished," analysts wrote. Second liens, moreover, are not an inconsequential factor because they appear disproportionately on the books of the largest banks, so the loan’s extinguishment would affect the capital position of these institutions.