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Second Lien Modification Program (2MP)

If your first mortgage was modified under the Home Affordable Modification ProgramSM (HAMP®) and you have a second mortgage on the same property, you may be eligible for a modification or principal elimination on your second mortgage through 2MPSM.

Application Deadline: December 30, 2016

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Features and Benefits

  • HAMP with 2MP achieves a more affordable mortgage payment by adjusting your interest rate, extending your term, and reducing or forbearing your principal on your first and second liens.
  • HAMP homeowners with 2MP typically save about $153 per month in addition to the savings under the first lien modification.
  • You can get help with your primary residence or rental property.
  • Just for making timely 2MP payments, you could earn up to $1,250, which is used to reduce your second lien principal balance.

Eligibility

You may be eligible for 2MP if you meet the following basic criteria:

  • Your first mortgage was modified under HAMP.
  • You obtained your second lien on or before January 1, 2009.
  • You owe $5,000 or more and pay $100 or more per month toward the second lien.

Availability

Mortgage companies nationwide – including Bank of America, CitiMortgage, JPMorgan Chase, and Wells Fargo -- participate in Making Home Affordable (MHA) programs.  See if your mortgage company is participating. If not, or you are not eligible for MHA, ask your mortgage company about other options available to you.

Similar Programs

Fannie Mae, Freddie Mac, Federal Housing Administration (FHA), Veterans Affairs (VA), and U.S. Department of Agriculture (USDA) also offer mortgage solutions for homeowners with mortgages they own, insure, or guarantee.

Find out whether your mortgage is owned, insured, or guaranteed by Fannie Mae, Freddie Mac, FHA, VA, or USDA, and learn more about the MHA programs and other resources they’ve designed to address your needs.

Complementary MHA Programs

If homeownership is just not affordable right now, even with a modification, MHA's Home Affordable Foreclosure Alternatives® Program (HAFA®) could be right for you. With relocation assistance and relief from your remaining mortgage debt, HAFA could help give you a fresh start.

For More Information

Visit the Learning Center for Frequently Asked Questions (FAQs) and the Glossary of Key Terms.

If you have additional questions or need direct assistance, don't hesitate to reach out for help by calling 888-995-HOPE (4673). You will be connected with an expert from a HUD-approved housing counseling agency. These counseling experts can help you understand your options, design a plan to suit your individual situation, prepare your application; and in many cases, they're able to submit the application for you.

Studies suggest that homeowners who work with housing experts like these are more successful and have better long-term outcomes. There is no cost to you for this valuable, around-the-clock service. Help is available in more than 170 languages.

Last Updated: 6/24/2016 15:43