Washington DC :-

On 28th April treasury department announced that it can automatically refinance 2nd lien mortgages on those properties previous receiving first lien modifications under the the Home Affordable Modification Program by Obama.

Under following 2nd lien program it will decrease the cost of interest rates. by on 1st mortgage 1% & on second mortgage 2%. Servicers and borrowers who successfully refinanancing 2nd lien mortgages can receive payments from them.They will pay you 500$ by installments & then 250$ for per year.

Lenders and investors have option to extinguish second liens in exchange for larger payments under pre-set formula. as an alternative to modifying the second lien.

As well as treasury department also say that it will also including the expectation for the Homeowners program in the making Home Affordable Program
( HAP).


To get more info follow given URL.

Thanks & Regards.