Can I use the instructional DVD to modify my second mortgage or home equity line of credit, if it’s not with the same lender?
Yes. Loan modifications are primarily intended to renegotiate borrowers’ first mortgage loans. First Mortgages generally have higher loan balances and are considered in first position on property Title reports. Therefore, first mortgage lien holders often carry a higher stake in trying to avoid foreclosures. Nonetheless, once your first mortgage loan has been successfully modified using the instructional DVD, we recommend contacting your second mortgage lender to modify your second lien. In many cases, 2nd lien holders have modification procedures in place which may be less extensive and can be performed with much less documentation.
