Homeowners can get second mortgages adjusted, too
Just this month, Bank of America became the first major lender in the program to send letters offering modifications to home-equity loan customers struggling with their loans.
Citigroup, JPMorgan Chase and Wells Fargo joined the program in March, when updated guidelines were issued by the government.
Those banks hold about half of the USA's second liens.
The program, originally introduced in August, is aimed at overcoming an impediment to permanent modifications of first mortgages.
Read the rest of the article here: http://www.usatoday.com/money/economy/housing/2010-04-21-secondlien21_ST_N.htm
Posted at 11:41AM Apr 26, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
