Chase is the latest mortgage servicer to sign up for the Second-Lien Modification Program, also known as 2MP. Other servicers participating in the program are Bank of America and Wells Fargo. Under 2MP, homeowners may see the interest rate on their second lien loan reduced to 1% for a five-year period. But to qualify, the borrower must already have completed a trial modification on their first mortgage. Chase will modify second lien loans no matter if Chase or another servicer services the borrower's first lien loan. David Lowman, head of home lending for Chase said 2MP makes it easier to coordinate modifications with other servicers because of consistent standards.
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