2mp: OMG! 2MP=2nd Loan Modifications + Principle Reductions - 03/26/10 11:02 AM
2nd Loan Mod rumors have been around for some time. Who knew? My colleague has handled a few in the course of modifying combined loans. With different lenders it's not exactly a picinic. Officially, this Directive to modify 2nd Liens was issued in August 2009, but not adopted by any banks until January 2010. Now Bank of America, Wells Fargo, Chase (others mooted) are participating: Of course, Banks interpret these guidelines liberally as do the investors.  
According to a local Bankruptcy Attorney "This is good news for some of my clients.  In some Chapter 13 cases we are able to void the second mortgage if there is no equity … (5 comments)