If you have a second mortgage on your home, then there are programs that can help you get out of debt or consolidate your debt. One such program the FHA second Lien program known as FHA2LP. This program allows people to consolidate their mortgage debt under the right conditions.
Eligibility for the FHA2LP program requires that you meet certain criteria. The first criteria is that your mortgage has to be obtained either before or on January 1st, 2009. You also cannot have committed a crime related to money in the last ten years. You also can only refinance up to 115 percent of the current value of your home using this program.
This program is only available under certain circumstances. The servicer of your first mortgage has to agree to the program and you also have to have a second mortgage on your home. If the servicer of the second mortgage is different from the servicer of the second mortgage, then the two companies have to be willing to work together. Most banks are more than willing to work together. The list of banks that will participate in the program is fairly easy to find.
The program is an excellent way to consolidate your debts. This can be extremely valuable in several ways. For one it is less chaotic to have only one bill to pay every month instead of two. The second reason why this program is extremely helpful is because it can reduce the amount you have to pay. This happens because it decreases the amount you have to pay and because it reduce the total interest rate on your books. The FHA2LP program is an excellent way to save money if you are qualified.
The FHA2LP program is an excellent way to reduce the number of bills you have to pay and also to reduce the total interest you owe on your loans. If you meet the fairly lenient qualifications and you have a second mortgage, then you should look into the FHA2LP program today and reduce the number of bills you have to pay on a monthly basis.