Loan Modification for Second Mortgage
The Loan Modification program by the US Government is mainly for the primary home owners. But in the April 2009, this program has been revised to address Second Mortgages also (WSJ).
The Obama administration has laid out the new guidelines for its foreclosure prevention program. And in this guidelines, the second mortgage get included in the loan modification program. So yes, You can now get approved for the second mortgage loan modification also.
You can get approved for any kind of mortgage loan modification now such as 1st mortgage, 2nd mortgage, rental properties and even Investment properties. But the only thing is that you MUST have all the information about how to get approved for this successfully.
Most of the people do the common mistake and that is they hire a firm or agent to do all these paperwork for them. And believe me, most of the time they get rejected. If you want to approve for the loan modification than you must have to do it buy yourself.
California Based Mike Rockwood has successfully modified the mortgage loan terms for his mortgage properties. And now you can download his 60-Minute Loan Modification workbook and follow his step by step guide to get approved for the loan modification process.
Believe me, its possible to get approved for the loan modification for second mortgage. You just need a right information about the process.