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 the trial before they can get me started on or review for a 2MP. Is this the case?Mortgage Loan Modification Answer:
I have heard this to be the case as well. Although each bank is different and it seems loan modification guidelines are loosely followed by banks, it does seem to make sense that the 2MP process is not started until your HAMP trial loan modification period is finished. Since 2MP relies on the first mortgage being permanently modified under HAMP, banks will take the opportunity to wait until then to start processing 2MP for second mortgages.
All the best to you.