The Obama Administration program, aimed at providing modifications to second mortgages, is starting to make progress.  The program, known as 2MP, offers incentives such as extending the term of loan to 40 years and lowering monthly payments, to qualified lenders, borrowers and investors alike that hold a second mortgage.

The program is expected to aid nearly 1.5 million struggling qualified homeowners as long as the loan originated on or before January 1, 2009.  

Nearly 1/2 of the second liens in the nation are held by Bank of America, Citi Mortgage, Inc., Chase and Wells Fargo, all who have all joined the program.

The number of homeowners to receive assistance is limited; check the Making Home Affordable website to see if you are eligible for assistance.