Home Affordable Now program and second liens

[secondtimer]

My question is has anyone had their second lien extinguished or is this more govt BS??

Regards,
Dan

[secondtimer]

I'm wondering if there is a formula they use or maybe the performance payments could go to extinguish the second lien instead of lowering the principle on the first?

[secondtimer]

Found this:

http://www.financialstability.gov/docs/042809SecondLienFactSheet.pdf

Very interesting but I can't see too many lenders volunteering to do this.

[HHM]

It's govt. BS. To date, I haven't heard anyone getting reduction in principal balances owed.

Even with incentives, the banks lose more money on modifications than they do on foreclosure (seems counter intutitive, but that is what the recent studies are suggesting).

[secondtimer]

I've made application. I'll keep you updated.