How to Get a 2nd Mortgage Modification

Many homeowners have struggled making their 2nd mortgage payment. Most of the lenders who offered the second mortgages originally are not in business any more so finding a company to refinance the 2nd loan into a lower and more affordable payment is a difficult process. For the homeowners who can't qualify for refinancing and are unable to make their 2nd mortgage payments, a loan modification is a good option. Bankruptcy is another alternative, as judges are allowed to include second mortgage liens in bankruptcies now.

Here is what you will need if you want a second mortgage modification:

1. Lenders want a hardship letter that clearly explains your situation
2. Bank statements and income documentation for the last few months
3. A copy of an appraisal documenting your present market value
4. A completed application for a 2nd mortgage modification
5. A Copy of all your statements for your monthly obligations

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• How to qualify for a second mortgage?
• How to get a 2nd mortgage modification
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• Do lenders still offer 2nd mortgages with an interest only payment option?
• Loan to value requirements for a 2nd mortgage
• Debt to income ratio criteria for second mortgages

For More Second Mortgage Information:

• 2nd Mortgage Loan Benefits
• 7 Keys for Home Equity Loans
• Why Americans Love Home Equity Loans and Credit Lines