Under an Obama administration program due to begin in the next few weeks, many borrowers who get reduced payments on their first-lien mortgage through the administration’s Home Affordable Modification Program automatically would get a break on their second-lien mortgage.
In April, the administration is due to launch incentives to boost alternatives to foreclosure for people who don’t qualify for a loan modification. They include short sales and so-called deeds in lieu of foreclosure, in which the borrower voluntarily gives up the title and often gets funds to help with moving expenses.
I guess we gotta throw money in there even though it may be half-assed.
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