Will my second mortgage be modified?
To obtain assistance with a second mortgage, your first mortgage must qualify for assistance through the Home Affordable Modification Program (HAMP). The initial eligibility requirements for HAMP on your first mortgage include:
- meeting the mortgage term requirements;
- having a monthly mortgage payment greater than 31% of your gross monthly income; and
- documentable financial hardship.
If your situation with your first mortgage falls within these parameters, you should discuss your case with a Florida mortgage attorney to see if the HAMP program is your best choice for avoiding foreclosure.
When you are approved for HAMP assistance, you can then consider additional help through the Second Lien Modification Program (2MP). Again, you must meet the eligibility requirements, which include:
- your first mortgage was modified under HAMP;
- you have no felony larceny, theft, fraud or forgery, money laundering or tax evasion convictions related to mortgage or real estate transactions within the past 10 years;
- you have not missed 3 consecutive monthly payments on your HAMP modification;
- you owe more than $5,000 on your 2nd mortgage; and
- your monthly payment on your 2nd mortgage is $100 or more.
Many times its better to file a Chapter 13 bankruptcy and strip-off, or eliminate a second mortgage than to modify it. Its better to have no second mortgage than a modified second mortgage. This is why its so important to find an attorney who is well-versed in foreclosure defense, loan modification, bankruptcy, and short sale.
Not all mortgage servicers participate in the 2MP program, so it’s best to speak with an experienced Florida mortgage attorney to review your mortgages and determine what the best methods are to resolve your problems.
Contacting a Florida Mortgage Foreclosure Laws Attorney
Your property is more than just a building – it’s home to you and your family. To protect your rights we strongly urge you to contact a Florida mortgage foreclosure laws attorney who focuses on foreclosure defense if you are behind on your mortgage payments. At Loan Lawyers, LLC, our consultations are free and we have offices in Broward, Miami-Dade and Palm Beach Counties. Call 1-888-FIGHT-13.
