10/10/2012
Home Affordable Modification Program (HAMP)
The Home Affordable Modification Program (HAMP) has been expanded to allow more at risk homeowners to get mortgage assistance. The new rules went into effect on June 1, 2012. For more information, see Home Affordable Modification Program from MakingHomeAffordable.gov.
•
What is the Home Affordable Modification Program?
NEW PHASE:
The Home Affordable Modification Program (HAMP) is a foreclosure prevention program to help homeowners who cannot afford their monthly mortgage payments. Under the program, mortgage providers modify loans by lowering the interest rate or taking other steps to make them affordable. Homeowners pay no more than 31% of their monthly household income for their modified loan payments.
The government pays mortgage providers a fee for each loan they modify, and also shares the costs of reducing the monthly payments. In addition, the government gives financial incentives to mortgage providers and to borrowers when payments are made on time.
Home Affordable modifications are free to homeowners. The government and the mortgage providers share the costs. The program is scheduled to end on December 31, 2013.
contact me with any questions you may have regauding this program or related mortgage and foreclosure issues. I CAN HELP...thanks.
Vic Coppa
