2MP HAMP : Second Lien Modification Program
2MP HAMP or 2MP for short, and also known as the Second Lien Modification Program, was recently introduced by the US Treasury Department to complement the existing HAMP (Home Affordable Modification Program) which is geared towards first mortgage liens.The introduction of 2MP HAMP is a very welcome financial relief for distressed homeowners who not only have a first mortgage, but also have a second mortgage on top of it. Bank of America, Wells Fargo, Citi, and Chase have all recently signed on to offer this program to their borrowers who are applying for a loan modification on their second mortgage loans.
Together, 2MP and HAMP create a much needed complete solution to make both first and second mortgages affordable.
2MP HAMP Guidelines
If your first mortgage/lien has been modified under HAMP, your second mortgage lender, if they partcipate in the 2MP program, has two choices: 1. Either they modify your second mortgage/lien according to the 2MP guidelines, or 2. Accept a lump sum payment from the US Treasury (usually cents on the dollar especially if your home value has tanked relative to the loan balance) to fully extinguish your second lien. Gone! Poof!Your 2MP HAMP loan modification offer will rely on the financial information you submitted for your HAMP modification for your first lien. Here's the best part...NO re-evaluation is necessary from your second lien lender.
- If your first lien has already been modified under HAMP, your second lien, if you have one, is eligible to be either modified or extinguished through 2MP.
- Your second lien must have been originated prior to January 1, 2009.
- Under 2MP, your second lien can only be modified once.
- All other junior liens behind your second lien, if any, are NOT eligible for 2MP.
- A second lien can only either be modfiied or extinguished. It cannot be both. This seems obvious, but worth noting anyway.
- You do not qualify for 2MP HAMP if your second lien lender does not charge payments or interest until the first lien is paid in full. This applies to equity appreciation loans or FHA partial claim liens.
- You may be approved for 2MP if you have a signed trial or final 2MP loan modification agreement confirmed as submitted to your lender or servicer by December 31, 2012.
- Although the 2MP program is well suited for home equity loans, you can apply only if your home equity loan is in second lien position. If it is in first lien position, you have to apply for a modification under HAMP.
- If you have mortgage loan that would have been in second lien position, but there are priority liens such as tax liens, mechanic's liens, or other non-mortgage related liens that are in front of it, your second mortgage lien IS eligible for 2MP.
HAMP Loan Modification Guidelines
Loan Modification Success Stories and Approved Loan Modification Agreements
No Upfront Fee Loan Modification
Traditional Loan Modification
Foreclosure Options
Foreclosure and Bankruptcy
Return From 2MP HAMP To Foreclosure Help Center Homepage
BLOG - Questions and Answers
Have A Question or Comment About 2MP HAMP?
Sharing your questions,comments, or stories will highly benefit all the visitors to this site, so thank you for taking the time. Please include all relevant information and background stories so that we are able to address any questions in the best way possible.
See Other Visitors' Questions and Answers
Click below to see contributions from other visitors to this page...
2MP and 31% DTI Test 
Under the 2MP program, do the banks take into consideration your new modified 1st mtg payment in order to stay with in the 31% DTI?
Mortgage Loan …
Charge Off Wells Fargo 2nd Mortgage
Anyone have a second mortgage charged off by Wells Fargo?
Mortgage Loan Modification Answer:
I have heard of Wells Fargo settling for cents …
2nd Mortgage Modification
I have had my first mortgage modified since April 2011 from Citi. Getting Chase to respond to 2mp is impossible. What can I do?
Mortgage Loan Modification …
Is there an Application Process for 2MP Loan Modification?
I was told by the Executive Response Unit and also the Department that handles the 2MP that I need to give citi time to 'implement' the new October …
Loan Modification for 2nd Mortgage Without Modifying the 1st Mortgage
We have 1st and 2nd mortgage. We do not want to modify first since we have 3.35% interest rate. But second is bad it is 8%.
To make things worse 1st …
2MP Loan Modification on Second Mortgage Cannot be Started Until HAMP Trial Period on First Mortgage is Finished
I was notified by PNC Bank that even though I am just starting on my trial payment (11/1/2010) I will have to wait until I have successfully completed …
Does US Bank participate in the 2MP HAMP program?
I'm applying for HAMP through PennyMac on my first mortgage. My equity line of credit is with US Bank. Does anyone know if US Bank participates in the …
Chase claims loans must be under 30 days deliquent to be eligible for 2MP
Chase claims loans must be under 30 days delinquent to be eligible for 2MP!
Is that true? I thought that any arrears could be capitalized but when …
HARP on 1st Mortgage - What about 2nd Mortgage?
I keep hearing about HAMP and now 2MP HAMP. What about the 2nd mtg after you've gone through HARP for the 1st? Both my 1st and 2nd are with Wells Fargo …
CitiMortgage customer service not familiar with 2MP program
I called CitiMortgage last Friday 8-20-10 to see what I need to do to be on the 2MP program and they are not aware of this program. I was transferred …
Why are 2MP Loan Modifications Taking So Long?
WHY ARE 2 MP PROGRAMS FOR WELLS FARGO TAKING SO LONG? TARP BAILED THE BIG BANKS OUT ASAP. HOW ABOUT HELP FOR THE STRUGGLING HOMEOWNERS.
Mortgage …
My First Mortgage Has Been Modified by Wells Fargo but CitiMortgage Says No 2MP Information for my Second Mortgage
When I call my second loan provider, CitiMortgage, and ask about the 2mp program, they tell me they have no information on it. The complete 2nd mortgage …
On trial basis with HAMP and now getting laid off Not rated yet
I am in my first month with HAMP mortgage trial period and it looks like I will be getting laid off from my job. Since my salary will drop quite a …
2MP HAMP to Extinguish Equity Line Loan Not rated yet
I am in the process of my trial period with HAMP, I also have an equity line that I will try to put under the 2MP program. I have read and heard about …
2mp Modification for 2nd Mortgage That Has Been Charged Off Not rated yet
I just received a trial mod under HAMP with Chase.
Chase also holds the 2nd which has been sent to recovery for no payment for greater than 150 days. …
Does a 2nd Mortgage Have to be Late or In Default to be Modified Under 2MP Not rated yet
2MP HAMP Question: Does a 2nd have to be late or in default to be modified under 2MP.?
Mortgage Loan Modification Answer:
The answer is No. …
