Tag Archives: Mortgage servicers modify 63% of HAMP-eligible second liens

Mortgage servicers started modifications on 63% of eligible second liens under the Home Affordable Modification Program, according to Treasury Department data released Friday. Through February, servicers participating in 2MP started 71,133 second-lien workouts of the 113,774 eligible loans. More than 15,600 of them have been fully extinguished. More than one-third of the second-lien mods occurred in California, according to the Treasury. Of the $29.9 billion allocated for HAMP, roughly $2.7 billion is set aside for modifying second liens, according to the Special Inspector General for the Troubled Asset Relief Program. […]