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Earlier this week, the Obama Administration announced the expansion of the Making Home Affordable modification program (“Making Home Affordable”) (i) by introducing a new program (the “Second Lien Program”) that will expand Making Home Affordable to second lien mortgages of homeowners that qualify for a first lien modification under Making Home Affordable and (ii) to require servicers to seek refinancing under Hope for Homeowners in tandem with a Making Home Affordable trial modification. The Second Lien Program will require modifications on second liens if the first lien is modified through Making Home Affordable and the second lien servicer is participating in the Second Lien Program. In addition, at the time the first lien is in the “trial period” for the Making Home Affordable modification, servicers will be required to evaluate the loans for refinancing under Hope for Homeowners, and, if the bor