The U.S. government yesterday introduced particulars of recent plan targeted at helping distressed home owners modify second mortgages. The 2nd Lien Program is slated to operate together with first lien modifications offered underneath the government’s Making Home Affordable Program to provide a “comprehensive cost solution for battling debtors,” states the U.S. Department from the Treasury. Second mortgages can make significant challenges in assisting debtors avoid foreclosures, even if an initial lien is modified. As much as 50 % of at-risk mortgages have second liens, and several qualities in foreclosures have several lien. Underneath the Second Lien Program, when among the government’s Home Affordable Modification’s is started on the first lien, servicers taking part within the Se...
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