Can you provide any insight on how the FannieMae "second lien modification" works

Question

Can you provide some insight on how I would apply for a "second lien modification" on my existing HELOC ?  Would I need to request this mod at the time I apply for the HARP refi on my first mortgage or can this be done at any time?

Also is it true, that I can request a HARP refi of my current first mortgage loan with a different lender then my current one?

Answer 1

You can apply for your HARP with any lender. Most second mortgage lenders will subordinate their second position if you do a rate and term refinance. You need to contact your second mortgage lender to negotiate a modification.