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What is the HAMP Mortgage Modification Program?
President Obama announced the Home Affordable Modification Plan (“HAMP”) in early 2009 to help homeowners restructure (modify) their mortgages to avoid foreclosure.
The program is paid for by $75 billion in stimulus money, and is designed to help at risk homeowners - both those who are in default and those who are at imminent risk of default.
HAMP provide economic incentives (i.e., cash) to your lender/servicer if they modify your loan.
HAMP’s goal is to provide the homeowner with an affordable and sustainable monthly payment to help them avoid foreclosure.
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