But, programs like the Second Lien Modification Program and different state mortgage modification plans which are set to address second liens have been put into practice in some areas and are hoped to begin in the near future, as a way to address this trouble of second mortgages. Obviously, homeowners who have seen delayed in their financial life or are facing cutbacks in their wages at their place of employment may have been able to handle mortgage payment on a first and secondary mortgage, but are now in a situation where these costs may lead to defaulting or inferior.

Many homeowners are attentive of the federal Making Home Affordable Program but there are some homeowners who may be uninformed that the Second Lien Modification Program is also presented to offer more affordability for homeowners struggling to make their monthly mortgage payment. Rules set down by the Making Home Affordable Program have stated that when a homeowner get a modification on their primary mortgage, participating servicers must then offer a modification on a homeowner’s second lien in the expectation of providing a mortgage payment plan which can be sustained during the hard time a homeowner may be having in their financial life. Also, homeowners who make appropriate payments under this second lien program may qualify for a principal reduction of up to $1,250.

There are also some programs accessible through various state housing agencies, as part of the Hardest Hit Fund, which will offer persons the opportunity to find additional affordability and a reduction or modification in their second mortgage, which again, is hoped to offer lower payments to homeowners who are struggling in this particular mortgage position

However, presently as primary modifications from state housing agencies or the federal government are no assurances, these 2nd lien modification program are also not guaranteed to stop the loss of a home through foreclosure. However, homeowners do have this alternative available in cases where a second mortgage may be causing problem, and as a result, modifying this second lien may be helpful for confident homeowners when it comes to stop foreclosure.