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