Just the day before yesterday, JP Morgan Chase announced it would participate in the second-lien program of the federal government's Home Affordable Modification Program (HAMP). This second-lien program is widely known as "2MP".
Under 2MP, homeowners may see the interest rate on their second lien reduced to as low as 1% for five years. The program also provides a financial incentive to borrowers, servicers and investors if the modification is successful.
What does this means to you?
If you have a second mortgage and it's with JP Morgan Chase, you can approach them about modifying your second mortgage to make it more affordable and stay in your home, instead of becoming just one more foreclosure statistic. I believe homeowners must first apply for assistance with their first mortgage, through the federal government's HAMP program.
Suggestions for next steps
- Read the Chase press release about their 2MP participation
- Visit the Making Home Affordable (HAMP) government website
- Take a 5-question quiz to see if you're eligible for HAMP modification on your first mortgage loan
- Take a 4-question quiz to see if you're eligible for HAMP refinance of your first mortgage loan
- Beware of foreclosure 'help' scams!
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