Who would have thought that but I guess the article below does make sense to a certain extent. It is because the government programs are aimed at modifying the 1st mortgage since it is the larger one and will have a bigger impact on the borrower’s mortgage payment.
However, we also need to take a look at how many of these modify loans redefault along with short sales and foreclosures where the 2nd lien holder gets $1. A bank still wants to be in first lien position and I think the article is referring to a very small percentage of 2nd liens.
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