The Home Affordable Modification Program

HAMP Program Loan ModificationThe Home Affordable Modification Program, also known as HAMP, was developed for homeowners who are having a tough time making their mortgage payments for reasons unrelated to unemployment.

Home Affordable Modification Program Eligibility

You may be eligible to apply if you meet all of the following criteria:

  • You occupy the house as your primary residence.
  • You obtained your mortgage on or before January 1, 2009.
  • You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
  • You owe up to $729,750 on your home.
  • You have a financial hardship and are either delinquent or in danger of falling behind.
  • You have sufficient, documented income to support the modified payment.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud, or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

HAMP lowers your monthly mortgage payments to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more.

If you are interested in the odds of your eligibility or would like an estimated reduction, HSC can provide you with that information. Simply complete the form below and we will contact you within 24 hours.

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