Second Lien Modification Program (2MP)

What is Second Lien Modification Program?

Introduced: August 13, 2009

Second Lien Modification Program or (2MP) was developed by U.S. Treasury Department to help homeowners with second mortgage on their property who already modified their first mortgage with the Home Affordable Modification Program (HAMP) but continue to face financial difficulties.

2MP helps homeowners reduce their monthly payments on qualifying home equity loans and lines of credit under certain conditions including completion of HAMP modification on the first mortgage on the property.

Purpose of Second Lien Modification Program

Home ownership preservation by adding reduced payments modification on the second mortgage of financially strapped homeowners in order to produce more affordable combined mortgage payment.

Goal of 2MP

To complement the Home Affordable Modification Program designed for first mortgage payments reduction and to provide more comprehensive solution for approximately 1-1.5 million responsible homeowners with second lien on their homes who are struggling to afford their mortgage payments.

Who may be eligible?

All homeowners in financial hardship who:

  • Had their first mortgage modified under Home Affordable Modification Program, HAMP
  • Have not missed 3 consecutive monthly payments on their HAMP modification
  • Have opened their home equity account (second mortgage) on or before January 1, 2009
  • Have the second mortgage in good standing – not in default or bankruptcy
  • Have a second mortgage with an outstanding principal balance of at least $5,000 with monthly payment amount of at least $100
  • Have not been convicted in the last 10 years of felony, larceny, theft, fraud or forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction
Contact your mortgage company for details to check your Second Lien Modification Program eligibility.

How to apply?

Contact your mortgage company servicer – the company to which you make your monthly mortgage payments and ask them for Second Lien Modification Program. Not all mortgage servicers participate in the 2MP. Here is a partial list of mortgage companies that participate in Second Lien Modification Program:

  • Bank of America
  • Wells Fargo Bank
  • CitiMortgage
  • J.P. Morgan Chase Bank
  • GMAC Mortgage
  • Community Credit Union of Florida
  • PNC Mortgage

You can also call a HUD-approved housing counselor at: 888-995-4673  (Hearing impaired: 877-304-9709 TTY) to help you understand your options, prepare your application, and work with your mortgage company.