A senior Treasury official, speaking on condition of anonymity today said that the U.S. Treasury will soon be finalizing details on a plan to delete and/or modify second-lien mortgages as part of its overall housing program to help homeowners in desparate need of help.  Home equity 2nd loans that were written in conjunction with a first lien, Home equity Lines or "aka" HELOC's have been a large problem to refinancing and modifying loans to make them more affordable.

The official said that assistance would be provided and also guidelines created that "comprise a clear path for the reduction of second lien debt." He said these range from eliminating them to keeping them in place as a part of mortgage modifications done under a $75 billion program the Obama administration is implementing to make failing mortgages affordable to home owners. Hopefully this plan can help some people who really need it.

Gerard Ladalardo, CMPS
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