Home Affordable Modification Program

Unfortunately the hamp program expired on december 31 2016.

Home affordable modification program. Fha hamp allows the use of a partial claim up to 30 percent of the unpaid principal balance as of the date of default combined with a loan modification. The making home affordable program of the united states treasury was launched in 2009 as part of the troubled asset relief program the main activity under mha is the home affordable modification program. Fha hamp is designed to help fha insured borrowers who meet hamp eligibility requirements to avoid foreclosure by permanently reducing their monthly mortgage payment through the use of a partial claim.

The home affordable modification program hamp was aimed at. But don t give up if you ve lost a source of help. The largest program within mha is the home affordable modification program hamp.

Departments of the treasury and of housing and urban development established the home affordable modification program sm hamp sm for mortgage loans that are not owned or guaranteed by fannie mae or freddie mac. Other programs assist homeowners with second liens underwater mortgages and those seeking a short sale or deed in lieu of foreclosure. These include the home affordable unemployment program and the home affordable foreclosure alternatives hafa program.

There may be others and many lenders also run proprietary mortgage modification programs for their customers. The partial claim defers the repayment of mortgage principal through an interest free. Fha home affordable modification program fha hamp allows homeowners to modify their fha insured mortgages to reduce monthly mortgage payments and avoid foreclosure.

The fha second lien program is also defunct. Mha s principal component is the home affordable modification program hamp. If your financial circumstances have worsened since you first made your home purchase you may be eligible for a loan modification that can give you some breathing room in your budget.

A loan modification program introduced in 2009 to promote stability in the housing market. Home affordable modification program hamp. To help distressed homeowners lower their monthly mortgage payments the u s.