Second Lien Modification Program for Federal Housing Administration Loans (FHA-2LP)



Second Lien Modification Program for Federal Housing Administration Loans (FHA-2LP)

If you have a second mortgage and your first mortgage servicer agrees to participate in FHA Short Refinance, you may be eligible to have your second mortgage on the same home reduced or eliminated through the FHA Second Lien Program (FHA2LP). If your second mortgage servicer agrees to participate, the total amount of your mortgage debt after the refinance cannot exceed 115 percent of your home's current value.

Eligibility

You may be eligible for FHA2LP if you meet the following criteria:

  • You are eligible for FHA Short Refinance.
  • You obtained your mortgage on or before January 1, 2009.

You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.

If you have a second mortgage and your first mortgage servicer agrees to participate in FHA Short Refinance, you may be eligible to have your second mortgage on the same home reduced or eliminated through the FHA Second Lien Program (FHA2LP). If your second mortgage servicer agrees to participate, the total amount of your mortgage debt after the refinance cannot exceed 115 percent of your home's current value.

Program Availability
  • If the servicer of your first mortgage agrees to an FHA Short Refinance and you have a second mortgage on the same home, the first mortgage servicer will work with the second mortgage servicer to reduce or eliminate the second mortgage.

More than a dozen mortgage servicers have agreed to review homeowners for FHA2LP when the first mortgage servicer has agreed to a refinance under FHA Short Refinance.


GOVERNMENT PROGRAMS


The government has created a variety of programs to help homeowners having difficulty meeting their monthly mortgage obligations. The following is a partial listing of the programs that are now available to homeowners who need assistance:

PROGRAMAS DE GOBIERNO


El gobierno ha creado una variedad de programas para ayudar a los propietarios que tienen dificultades para cumplir con sus obligaciones mensuales de la hipoteca. La siguiente es una lista parcial de los programas que están ahora disponibles para los propietarios de viviendas que necesitan ayuda:

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