HAMP try a loan amendment program built to dump delinquent and at-chance borrowers ‘ month-to-month mortgage repayments
The Homeowner Affordability and Stability Plan offers two options for homeowners having difficulty repaying their mortgage: HAMP and HARP. Since you specifically asked about mortgage modification programs, this report focuses on the HAMP program (see OLR Report 2012-R-0023 for additional information on HARP, which helps homeowners who are current on mortgage payments but who cannot get traditional refinancing due to declining property values).
Servicers need certainly to positively obtain outstanding consumers

FHFA in addition to U.S. Department off Treasury composed HAMP during the early 2009. The program assists individuals that happen to be unpaid, together with individuals whose default was imminent. HAMP is very effective getting mortgage loans got its start with the or ahead of .
System Qualifications. So you can be eligible for the application form, the mortgage, borrower, and you can property have to satisfy specific criteria. To get entitled to the application form:
dos. Mortgages that have top priority over-all most other liens or says towards property in case there are standard (first-lien mortgage loans) which might be possessed, securitized, or guaranteed of the Freddie Mac meet the requirements which have latest outstanding principal stability doing:
step 3. Government Housing Government loan in Warrior, Experienced ‘ s Management, and you can Rural Construction Services guaranteed mortgage loans meet the requirements, susceptible to the appropriate agencies ‘ s direction.
4. Mortgages are going to be before changed, however, borrowers might not have before inserted into a shot Period Bundle lower than HAMP.
5. Borrowers are latest or lower than two months outstanding and you will determined to stay imminent default, otherwise two months or more outstanding.